Indian Officials to Resume Free Trade Agreement Negotiations in UK
A team of Indian officials is set to resume negotiations on the free trade agreement with the UK this week after a brief stalemate. The goal is to resolve pending issues and finalize the deal without further delays, according to a senior official on Monday.
The Indian delegation’s visit comes after a pause in negotiations was agreed upon when Indian elections were announced on March 15 during the 14th round of talks. Commerce secretary Sunil Barthwal stated, “Team is going this week. Some of them have already gone. Our deputy chief negotiator is also now in the UK. There are very few pending issues now in the FTA.”
In other news, Byju’s shareholders have approved the company’s resolution to increase its authorized share capital to absorb $200 million raised through a rights issue. Despite opposition from some investors, the majority of shareholders voted in favor during an extraordinary general meeting held on March 29.
Additionally, India’s merchandise exports contracted by 3.1% in 2023-24, while imports declined by 5.3%. This drop in goods trade followed two years of positive growth, aligning with the global trend of shrinking demand for traded goods, as reported by the World Trade Organization.
Vodafone Idea announced plans to cover 40% of its revenue base with 5G within the next 2-2.5 years following a capital raise through a public offering. The company aims to roll out the service within six to nine months and establish 22,000 5G sites across 17 priority circles.
Overall, these developments in trade agreements, shareholder decisions, and technological advancements highlight the ongoing economic shifts and strategies being implemented by key players in the Indian market.