Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
Pernod Ricard and Diageo, two of the world's biggest spirit makers, have stopped receiving orders for their imported brands from India's defence canteen stores where they were sold at concessional prices, reported Reuters.
The move is seen as part of prime minister Narendra Modi's "vocal for local" campaign in which he has called for promotion of indigenous products to make India self-reliant during the coronavirus pandemic, a government measure that critics have called protectionist and against foreign businesses.
India's defence canteens provide access to both local and imported products such as liquor and electronics at less-than-market rates to soldiers, ex-servicemen and their families.
But Pernod Ricard India, whose brands include Chivas and Glenlivet scotch whisky, received no orders in May for imported spirits, compared with average monthly orders of 4,500-5,000 cases by defence stores, one source said. One case typically holds six, nine or 12 bottles of liquor.
Diageo India too has not received any orders since May for its imported brands such as the popular Johnnie Walker Black Label whisky and Talisker single malt, a second source said.
Pernod Ricard declined to comment and Diageo did not respond to queries. The defence ministry did not respond.
While no written order has been issued, a senior government official said a formal decision in the matter was imminent.
"We want to encourage indigenous products ... with the PM's campaign, it gets more priority," said the official.
A bottle of Johnnie Walker Black Label costs 3,600 rupees ($47) in Maharashtra state's defence canteens, a third lower than the 5,500 rupees ($72) retail customers pay there.
"Drinking scotch has become a habit, this move is going to hurt our pockets," said a retired Indian army official who said he purchases five scotch bottles each month for himself and his family.
While imported liquor sales at defence stores generate only about $17 million in annual sales, the channel generates regular demand for top foreign brands. The canteens sell about $450 million worth of liquor each year, mostly Indian-made beer, whisky, rum and other spirits, industry sources said.
A formal order to restrict purchases of imported liquor by defence stores will signal an unfriendly business environment, and will be "protectionism when there is nothing to protect," said an executive working at a foreign liquor company in India.
"You can't make scotch in India," said the executive.
In May and June, the defence ministry asked liquor firms to provide details of their brands, the country where they are manufactured and details of imported ingredients used.
The ministry had also sought similar answers from other non-liquor firms, the sources said, but it was not immediately clear which other orders had been halted.
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A logo is pictured outside a Jaguar Land Rover new car show room in Tonbridge, south east England.
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)
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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)
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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.”
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Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi
INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.
Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.
After viral photos from a fashion show drew criticism from Indian artisans who make the sandals - named after a historic city in Maharashtra state - Prada was forced to acknowledge that its new open-toe footwear was inspired by ancient Indian designs.
"Prada 0: Kolhapur 1," said an Instagram post by e-commerce website Shopkop, whose founder Rahul Parasu Kamble's open letter to Prada pointing out the footwear is "soaked in tradition" was reshared 36,000 times on social media.
"I saw the controversy as a way to promote Kolhapuri," said Kamble, 33, who has seen sales of sandals he sources from local artisans touch 50,000 rupees ($584) in three days, five times the average.
Social media has been abuzz in recent days with criticism and sarcastic memes, with politicians, artisans and a trade body demanding due credit to Indian heritage.
Prada has said it will arrange follow-up meetings with artisans. In a statement on Tuesday (1), it added the Italian group intends to make the sandals in India in collaboration with local manufacturers, if it commercialises them.
India's luxury market is small but growing, with the rich splurging on Lamborghini cars and pricey watches. Prada does not have a single retail store in India and its products are usually reserved for the super rich - its men's leather sandals start retailing at $844 (£667), while Kolhapuris can be priced as low as $12 (£8.92).
But linking of the Prada name to the Kolhapuri sandals, which are made by around 7,000 artisans, is providing a business opportunity for some.
Mumbai-based Ira Soles is running new Facebook and Instagram advertisements which proclaim its $32 (£24) "Tan Handcrafted Kolhapuris just walked the ramp at Prada ... Limited stock. Global spotlight. Own a piece of what the world is applauding.".
E-commerce website Niira is offering up to 50 per cent discounts on its Kolhapuri slippers it says are "rooted in tradition". Its sales of $18 (£13.5) sandals, that looked like the one Prada showcased in Milan, have tripled, founder Nishant Raut said.
"Why can't an Indian Kolhapuri brand become as big as a Birkenstock," he said.
Handmade in small factories, Kolhapuri sandals, or chappals as they are called in Hindi, are often paired with Indian attire. Similar designs are sold in big outlets of Bata India and Metro Brands, and also on Amazon and Walmart's Flipkart.
In 2021, India's government said the sandals could achieve $1 billion (£728m) a year in exports. Though latest estimates are not available, artisans say the business has struggled as consumers increasingly opt for more fashionable, upmarket footwear.
Still, the Prada controversy is breathing new life into a craft that Lalit Gandhi, president of Maharashtra's main industry lobby group, says is "a dying art". Gandhi said he is in talks with Prada to develop a co-branded, limited-edition sandal.
Kolhapur craftsmen Ashok Doiphode, 50, is pinning hopes on a Prada boost. He hand-stitches sandals for nine hours daily but can sell a pair for just Rs 400 (£3.5)
"If big companies like Prada come, craftsman like me can get a good price."