India has banned the import of a rabies vaccine from a Chinese manufacturer embroiled in a safety scandal, the head of India's drug regulator told a newspaper in comments published on Wednesday (1).
"The vaccine is being used in India, but we don't have the exact details of the total number of units imported or where they have been distributed," S. Eswara Reddy told the Hindustan Times daily.
"I have asked my staff to prepare a detailed information report on its import and distribution," he was quoted as saying in the interview.
"Once we get the information, we will ask for a recall of the vaccine from market. But until then, there is a blanket ban on its import."
Rabies kills an estimated 20,000 people in India every year, according to the government's National Rabies Control Programme.
China's latest product-safety scare emerged more than a week ago with news that Changchun Changsheng Biotechnology had fabricated records and was ordered to cease production of rabies vaccines.
The Chinese government, which has also announced nationwide inspections of vaccine production sites, has said the problematic vaccine did not leave Changsheng's factory and was not put up for sale.
Changsheng's vaccine for diphtheria, pertussis and tetanus (DPT) had also failed to meet quality standards, but 250,000 doses were nonetheless sold last year.
China is regularly hit by scandals involving unsafe food, drugs or other products despite repeated official promises to root out the corruption and shoddy manufacturing that is usually blamed.
The deal was formalised during Indian prime minister Narendra Modi’s brief visit to the UK, where he held talks with his British counterpart Keir Starmer. (Photo: Getty Images)
INDIA and the United Kingdom on Thursday (24) signed a landmark Free Trade Agreement (FTA), expected to increase bilateral trade by around £25.2 billion annually.
The deal was formalised during Indian prime minister Narendra Modi’s brief visit to the UK, where he held talks with his British counterpart Keir Starmer.
The agreement was signed by India’s commerce minister Piyush Goyal and the UK’s secretary of state for business and trade Jonathan Reynolds, following the meeting between Modi and Starmer in London.
India and UK Sign Historic Free Trade Agreement During Modi’s Visitgetty images
Modi arrived in London at around 8.30 pm on Wednesday and is set to leave later on Thursday, spending less than 24 hours in the country. He is expected to have lunch with Starmer and meet King Charles at Sandringham before his departure.
The FTA is the UK’s most significant bilateral trade deal since Brexit and is projected to add £4.8 billion annually to the British economy.
The agreement includes tariff cuts on nearly 90 per cent of UK goods exported to India, including whisky, cosmetics and medical devices. The UK will offer duty-free access to 99 per cent of Indian products.
"Our landmark trade deal with India is a major win for Britain," Starmer said. "It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country."
The two leaders also launched the "UK-India Vision 2035", which aims to expand cooperation in defence, climate action, education, and border security.
Indian workers in the UK and their employers will be exempt from paying social security contributions for three years, with annual savings estimated at £341.7 million.
UK businesses will also gain access to India’s non-sensitive public procurement market, valued at around £38 billion annually.
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The company said the move comes during its 50th anniversary year and is intended to help retailers manage cost pressures and improve margins.
BESTWAY WHOLESALE has announced a £10 million investment to reduce prices on more than 2,000 core lines.
The price cuts, which are not part of any promotion, will take immediate effect and are aimed at supporting independent retailers across the UK.
The company said the move comes during its 50th anniversary year and is intended to help retailers manage cost pressures and improve margins.
Dawood Pervez, managing director at Bestway Wholesale, said: “We know our customers are under pressure – and we’re taking decisive, long-term action. This isn’t a one-off deal. It’s a real investment in the day-to-day success of the independent retail sector. By lowering our core prices, we’re helping retailers strengthen their margins and stay competitive where it really matters.”
The £10 million investment will cover all categories, focusing on everyday essentials. Bestway said the changes will be communicated through depot signage, digital platforms, newsletters, and leaflets.
Pervez added: “At Bestway, our success is built on our customers’ success. This investment shows we’re listening… we’re acting … and we’re standing shoulder to shoulder with independents across the country.”
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Myntra, owned by Flipkart, sells fashion brands on its own e-commerce website. (AFP via Getty Images)
INDIA's financial crime agency said on Wednesday (23) it was investigating Walmart's fashion business Myntra Designs for allegedly breaching laws prohibiting foreign wholesalers from selling to consumers.
The case comes amid growing scrutiny of e-commerce players in India. An antitrust investigation last year found Amazon and Walmart's other e-commerce platform, Flipkart, favoured select sellers and resorted to "predatory pricing", hurting smaller retailers. The companies denied the allegations.
Myntra, owned by Flipkart, sells fashion brands on its own e-commerce website.
Detailing its findings from an investigation, India's Enforcement Directorate said that Myntra declared it was a wholesaler and received $192 million (£149m) of foreign investment, but then sold most of its goods to a group entity that retailed those products to consumers.
"Myntra Designs Pvt. Ltd was actually carrying out multi-brand retail trading in the guise of wholesale cash & carry," the agency said.
Myntra said in a statement that it had not received documents related to the case from the authorities but that it remained "fully committed to cooperating with them at any point of time".
Walmart did not immediately respond to a request for comment.
In a bid to protect domestic retailers and traders, India prohibits foreign companies engaging in wholesale business to make any direct sales to consumers.
E-commerce business is also restricted, with foreign-owned companies like Myntra, Amazon and Flipkart allowed to operate marketplaces to connect buyers and individual sellers online, but not to stock goods or offer them directly to consumers.
The Enforcement Directorate said it had filed a complaint against Myntra before an adjudicating authority, without giving details.
Flipkart and Amazon have also faced allegations of breaching India's foreign investment rules.
A 2021 Reuters investigation based on internal Amazon documents showed the company for years gave preferential treatment to small groups of sellers, and used them to bypass Indian laws. Amazon has denied wrongdoing.
Amazon and Flipkart are leading players in India's e-commerce market, which was estimated to be worth $125 billion (£97.5bn) in 2024 and is set to top $345bn (£269bn) by 2030, according to India Brand Equity Foundation.
Founded in 2007, Bengaluru-based Myntra was acquired by Flipkart in 2014. Walmart bought a controlling stake in Flipkart in 2018 for £12.5bn.
Myntra reported revenues of nearly £468m in 2023-24, up 15 per cent on the previous year.
(Reuters)
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Indian officials continue to remain hopeful of concluding a wider agreement by September or October, based on discussions between prime minister Narendra Modi and Trump in February. (Photo: iStock)
THE CHANCES of India and the United States reaching an interim trade agreement before the August 1 deadline have reduced, as negotiations remain stuck over tariff cuts on key agricultural and dairy products, two Indian government sources told Reuters.
US president Donald Trump had threatened a 26 per cent tariff on Indian imports in April but put it on hold to allow talks to continue. The pause ends on August 1. India, however, has not yet received a formal tariff letter, unlike more than 20 other countries.
India’s trade team, led by chief negotiator Rajesh Agrawal, recently returned from Washington after the fifth round of discussions without any breakthrough.
“An interim deal before August 1 looks difficult, though virtual discussions are ongoing,” one of the Indian government sources said. The source added that a US delegation was expected to visit New Delhi soon to carry forward the talks.
According to Reuters, the negotiations have stalled because New Delhi is unwilling to open up its agriculture and dairy sectors, while Washington has not agreed to India’s request to reduce higher tariffs on steel, aluminium and automobiles.
Officials are now considering whether some of these unresolved issues can be taken up later, after a limited agreement is signed, the second government source said.
Ajay Sahai, director general of the Federation of Indian Export Organisations, said sectors like gems and jewellery could be affected if 26 per cent tariffs are imposed. “However, this could be temporary, as both countries aim to sign the deal over time,” he said.
US treasury secretary Scott Bessent told CNBC on Monday that the Trump administration prioritised the quality of trade agreements over timelines. Asked whether the August 1 deadline could be extended for countries still in talks, he said it was for Trump to decide.
Indian officials continue to remain hopeful of concluding a wider agreement by September or October, based on discussions between prime minister Narendra Modi and Trump in February.
“Given that there have been five rounds of negotiations and another US delegation is expected, we remain optimistic about finalising a trade pact,” a third Indian government source said.
The Indian commerce ministry and the Office of the United States Trade Representative did not respond to emailed requests for comment.
(With inputs from Reuters)
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Gopinath joined the IMF in 2019 as chief economist, becoming the first woman to hold the position. (Photo: Reuters)
GITA GOPINATH, the No 2 official at the International Monetary Fund (IMF), will leave her position at the end of August and return to Harvard University, the IMF said in a statement on Monday.
The IMF said that managing director Kristalina Georgieva will name Gopinath's successor “in due course.”
Gopinath joined the IMF in 2019 as chief economist, becoming the first woman to hold the position. She was promoted to first deputy managing director in January 2022.
There was no immediate comment from the US Treasury, which holds the dominant US share in the IMF. While the Fund’s managing director has traditionally been selected by European countries, the US Treasury has usually recommended candidates for the role of first deputy managing director.
Gopinath is an Indian-born US citizen.
The timing of the announcement came as a surprise to some within the IMF and appears to have been initiated by Gopinath herself.
She will return to Harvard University as a professor of economics, having left the institution earlier to join the IMF.
Her departure gives the US Treasury an opportunity to recommend a new candidate for the deputy role at a time when US president Donald Trump is seeking to reshape the global economy and reduce long-standing U.S. trade deficits through high tariffs on imports from most countries.
Gopinath will return to Harvard, a university that had faced criticism from the Trump administration for rejecting calls to change its governance, hiring, and admissions processes.
Georgieva said Gopinath had joined the IMF as a respected academic and became an “exceptional intellectual leader” during a period that included the Covid-19 pandemic and global disruptions following Russia’s invasion of Ukraine.
“Gita steered the Fund’s analytical and policy work with clarity, striving for the highest standards of rigorous analysis at a complex time of high uncertainty and rapidly changing global economic environment,” Georgieva said.
At the IMF, Gopinath led work on multilateral surveillance and analysis related to fiscal and monetary policy, debt, and international trade.
In a statement, Gopinath said she was thankful for a “once in a lifetime opportunity” to work at the IMF. She thanked both Georgieva and former IMF chief Christine Lagarde, who had appointed her as chief economist.
“I now return to my roots in academia, where I look forward to continuing to push the research frontier in international finance and macroeconomics to address global challenges, and to training the next generation of economists,” she said.