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NDTV
28 minutes ago
- Business
- NDTV
India Becoming Powerful Player In Science And Tech: UK Minister
London: The UK must harness scientific and academic relationships with India as it becomes an increasingly powerful player in the science and technology space, Britain's minister for science, research and innovation has said. During a session on 'Unlocking UK-India Collaboration for a New Era of Innovation' at India Global Forum's Future Frontiers Forum at the Science Museum in London on Thursday, Lord Patrick Vallance called for greater mobility of high-skilled professionals through the Global Talent Visa and the need to tap into complementary skills across all sectors. The minister revealed the UK government's much-anticipated Industrial Strategy would be released in a few weeks, forming the blueprint for focus areas for such a partnership with India. "There is already a strong relationship between India and the UK, and I think it's growing," said Vallance. "But government-to-government relationships on science aren't actually what drives everything. It has to be a scientist and a scientist as well. There are important academic links. I'd like to see more of that as India becomes an increasingly powerful player in the science and tech space," he said. The forum was addressed by Commerce and Industry Minister Piyush Goyal earlier on the sector-wide benefits of the Free Trade Agreement (FTA) struck between the two countries, as it "adds value to science and technology and innovation". "A Free Trade Agreement demonstrates to the world that the two countries are friends, allies, and plan to work together closely; they trust each other," said Goyal. Vallance concurred and highlighted: "India has its focus areas, we have ours, now we need to create opportunities across those sectors." Lord Ara Darzi, the British surgeon behind a seminal review of the National Health Service (NHS) and much-needed areas of reform, hailed India's "transformative health solutions" as the "intellectual and production power" the UK must collaborate with. The forum also included a 'Pitchers and Punters' curated showcase of Indian start-ups pitching to a jury of international investors. Among the standout companies were Zypp Electric, Lina Energy, Steamology Motion Ltd and Electric Miles - with Zypp Electric winning this year's Clean Tech Award presented by British renewable energy group Octopus Energy.
Business Recorder
13 hours ago
- Business
- Business Recorder
Tax officials' new powers: FPCCI mulling moving the court
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has unequivocally rejected the new powers granted to tax officials in the recently announced Federal Budget, branding them as 'excessive, overly-subjective, and harassment-prone.' During a press conference in Karachi, FPCCI leadership announced their intention to challenge these authorities in superior courts, specifically those enabling taxmen to withdraw funds from business accounts and conduct raids on business premises without prior notice. The FPCCI leadership urged the federal government to withdraw these stringent measures before the budget's final passage from parliament to restore confidence within the business community. FPCCI President Atif Ikram Sheikh emphasized that tax collection targets can only be met if industrialists and exporters are actively engaged through a comprehensive consultative process. He lamented that the budget largely overlooks the necessary steps to empower the business community to realize the Prime Minister's vision for export-led growth. Sheikh further elaborated on a globally established principle: increased intervention or interaction by tax collectors with taxpayers tends to undermine fairness, transparency, and impartiality, as heightened human-to-human interactions and subjective human judgments become a source of nuisance. Saquib Fayyaz Magoon, Senior Vice President of FPCCI, demanded the restoration of the Fixed Tax Regime (FTR) for exporters in its original form and for a long-term duration. This, he argued, is crucial for bringing clarity, certainty, and consistency to taxation policies, thereby attracting both Foreign Direct Investment (FDI) and domestic investment by ensuring Pakistan remains competitive as a country. Magoon also highlighted the necessity of broadening the Export Facilitation Scheme (EFS) to include local manufacturers, warning that without such inclusion, Pakistani products would face supply line disruptions and a lack of competitiveness in regional and international markets. He further expressed resentment that the FPCCI's recommendations for special incentive packages for the high-growth Information Technology, mines & minerals, and fishing industries were disregarded in the Federal Budget. FPCCI Vice President Asif Sakhi urged tax authorities to cease accusing the business community of tax evasion or theft. Instead, he called for a transformation of the tax machinery into a facilitative body that engages with taxpayers through amicable and respectful behaviour. During the press conference, FPCCI Vice President Aman Paracha proposed the formation of a high-powered fact-finding committee to ascertain the root cause of the FBR's inability to achieve the tax collection target for fiscal year 2025. Vice President Nasir Khan highlighted a concerning trend, stating that many businessmen have already relocated to more lucrative and stable investment, trade, and industrial destinations, while those remaining are struggling to operate their factories without incurring losses. Another concern raised by the FPCCI was the restriction imposed on Special Economic Zones (SEZs) developers for a period of 10 years or until tax year 2035, whichever comes first. Copyright Business Recorder, 2025
The Hindu
21 hours ago
- Business
- The Hindu
In U.K., Goyal slams Opposition for criticising Indian government overseas
In the U.K. for a conference, Commerce and Industry Minister Piyush Goyal criticised the Opposition for criticising the government overseas. Mr. Goyal was speaking at a discussion at the Science Museum as part of the India Global Forum 2025. The Minister, who spent much of his time at the forum discussing the recently announced India-U.K. trade deal, commended the U.K. Labour Party for not backtracking on any commitments made to the Indian side by the Conservative Party, which was in power until early July 2024 and oversaw the majority of the trade negotiations with New Delhi. 'I must commend the current government for having committed to me well before your election, encouraging me to close the deal with the previous government,' Mr. Goyal said, adding that this represented the strength of British democracy. 'I'd like to commend both your political parties for that maturity that they have shown. I wish we had an Opposition equally mature who wouldn't come to your land... and to Oxford University... and run down his own nation,' Mr. Goyal said to laughter from the audience. Mr. Goyal was presumably referring to a talk by Leader of the Opposition in the Lok Sabha Rahul Gandhi at the University of Cambridge in 2023, in which he said that Indian democracy was under threat.
Time of India
a day ago
- Business
- Time of India
Focused on doing trade deals to complement, not compete: Goyal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India is in trade dialogues with countries with whom it doesn't compete but can complement the economies involved, Commerce and Industry Minister Piyush Goyal said here on an India Global Forum (IGF) session on UK-India Science, Technology and Innovation Collaboration at the Science Museum, the minister elaborated on the opportunities that trade deals open up - bilaterally and to the wider global economy."Our focus is on entering into robust trade agreements with the developed world," said Goyal, pointing to the UK-India FTA as well as deals concluded with Australia, the UAE and European Free Trade Association (EFTA). Goyal said that 15 years ago, before their party's government came into power, India was more focused on doing trade agreements with countries that "are our competitors"."It really is silly, because (that is) opening up my market to my competitors, many of whom have now become the B team of China. So effectively and indirectly, I have opened up my market for goods that find their way from China into India," he the ongoing trade negotiations with the US, New Zealand, the European Union (EU) and Gulf countries, the minister said: "We are in dialogue with countries with whom we don't compete, with whom we complement each other; where they have certain things to offer, which India would love to have, as with the UK agreement, and we have certain things on offer. We don't hurt their economies.""Therefore, these agreements will help us grow as an economy, help our innovation ecosystem get the right equipment, the right enabling environment. Our effort is to collaborate, co-create, co-operate and co-design. Let's work together as friends and allies of the democratic world," he the wide-ranging discussion with Science Museum director and chief executive Sir Ian Blatchford, Goyal highlighted the big wins for the sector with the recently concluded FTA with the UK at a time when India is set to "massively invest" in the innovation ecosystem over the next 10-15 years."I think a Free Trade Agreement also adds value to science and technology, and innovation. A trade agreement is not only about opening the doors wider for bilateral trade in goods or in services or even promoting investments. A Free Trade Agreement demonstrates to the world that the two countries are friends, are allies, plan to work together closely; they trust each other," he Artificial Intelligence (AI), Goyal expressed optimism that it would open up many more avenues rather than an area of concern that could lead to job losses."We are not only looking at it (AI) as a need to retrain our people, to re-skill our talent, but adopt it for regulation to provide for ethical use of AI and safeguard against misuse," he session also marked the launch of a memorandum of understanding (MoU) between the Quantum Ecosystems and Technology Council of India (QETCI) and IGF for UK-India Quantum Value Chain Mapping."This is a really rich relationship between our two countries, which is already thriving and which has great potential, well beyond free trade agreements," said Blatchford.
Time of India
a day ago
- Business
- Time of India
Sealed over a chocolate ice cream! How India-UK trade deal was finalised during a walk in London's Hyde Park, Piyush Goyal reveals
India-UK trade deal: The successful completion of FTA negotiations was confirmed by both nations on May 6. (AI image) Did you know that the India-UK trade deal was sealed during a walk in the park, and over an ice-cream? The Free Trade Agreement (FTA) negotiations between India and the UK reached their conclusion during an informal meeting in London's Hyde Park, where Commerce and Industry Minister Piyush Goyal enjoyed a chocolate ice cream offered by UK counterpart Jonathan Reynolds. The successful completion of FTA negotiations was confirmed by both nations on May 6, following talks that commenced in January 2022. The agreement is anticipated to increase yearly bilateral trade to $120 billion by 2030. "I owe him one," Goyal remarked lightheartedly whilst discussing the negotiations during a PTI interview at the India Global Forum (IGF) UK-India Week summit this week. "When I received Secretary Reynolds' message inviting me to join him for a walk at Hyde Park (on May 2), he knows that I'm very fond of walking there every time I'm in London, I had not imagined that we'll get talking about the few issues that were left for us to be able to conclude the Free Trade Agreement and the Double Contribution Convention (DCC) agreement," Goyal said. Also Read| What does the UK-India FTA mean for India? Top benefits - from cheaper cars, whisky to cheer for Indian professionals "In the course of our walk there, we were able to close the nuances in a very practical manner, which was fair for both countries, which was a balanced agreement, and will lead to shared prosperity for businesses and the people of both countries," he stated. India-UK Trade Deal A Free Trade Agreement establishes economic stability between nations and provides assurance to business leaders regarding consistent tariff structures. It creates certainty about bilateral relations, predictable commercial environments, and promotes mutual investments alongside trade in goods and services," said Goyal. "Additionally, it fosters partnerships and joint ventures, enabling both parties to target global markets collectively," he said. At a previous IGF Summit discussion, the minister drew a parallel between the FTA and a lasting union. When asked to explain further, he commented with humour that "every marriage is long-lasting by and large, we believe marriage is very sacred, not to be taken very lightly". Regarding the FTA implementation schedule, he stated: "I believe that similarly, the UK-India partnership will convert very quickly into an enforceable agreement after the UK Parliament goes through its processes." Also Read | India-UK multi-billion-pound Free Trade Agreement explained: All you want to know in top 15 points India's process moves at a considerably quicker pace, and preparations will be complete once legal verification and document finalisation are accomplished. The partnership's commercial ventures and associated developments will contribute significantly to the alliance, deriving advantages from the crucial elements agreed upon by both nations. Regarding the DCC agreement, which prevents temporary foreign workers from paying duplicate social security taxes in both jurisdictions, the minister responded to certain UK media outlets that had inaccurately portrayed this arrangement as inequitable. "I think we should not mix up these temporary workers who come here, or the students who come here to gain from the high-quality education in the UK, with immigration issues," said Goyal. "This is a temporary location in the UK, which adds a lot of value to the UK economy, supports jobs for the local people. It's a win-win for both countries, and I think there's absolutely no doubt in my mind or the mind of the government of the UK about its usefulness and its benefits," he said. The senior Cabinet minister's two-day UK visit includes discussions with Reynolds about FTA implementation steps and meetings with Chancellor Rachel Reeves and Culture Secretary Lisa Nandy. Additionally, he will engage with business leaders, investors, and policy specialists, and is scheduled to participate in the IGF summit's session focusing on India-UK scientific and technological cooperation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
