India continues to be thronged by foreign tourists every month. According to the latest statistics by the <keyword id="62889" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-tourism">Ministry of Tourism</keyword>, India recorded 6.56 lakh foreign tourist arrivals (FTAs) in October 2014 over 5.98 lakh and 5.56 lakh in October 2013 and October 2012 respectively. 
	 
	“There has been a growth of 9.6% in October 2014 over October 2013 as compared to a growth of 7.5% registered in October 2013 over October 2012,” stated a report by the ministry. 
	 The ministry also noted that nearly 58.35 lakh foreign tourists had arrived between January and October this year, registering a growth of 7.8% over the same period in 2013 (54.12 lakh <keyword id="6381659" type="ORGANIZATION" weightage="20" keywordseo="fta">FTA</keyword>). 
	 
	Interestingly, while the US and UK continued to be one of the top source countries for India, some of some of the other countries that ranked high on the list include Bangladesh, Srilanka among other. “…The top 15 source countries was highest from Bangladesh (14.15%), followed by USA (12.55%), UK (10.95%), Sri Lanka (3.73%), Russia (3.64%), Canada (3.64%), Germany (3.57%), France (3.45%), Malaysia (3.09%), Japan (3.06%), Australia (3.05%), Malaysia (2.66%), China (2.23%), Pakistan (1.86%), Thailand (1.81%) and Nepal (1.79%),” stated the report. 
	 
	In terms of Foreign Exchange Earnings (FEEs) from tourism, India earned Rs 9,847 crore or $1.604 billion in the last month itself as compared to Rs 8,645 crore ($1.404 billion) in October 2013 and Rs 8,154 crore ($1.538 billion billion) in October 2012. 
	India recorded a growth of 13.9% in FEEs in rupee terms in October 2014 over October 2013, which had registered 6% growth over October 2012. While the growth rate in FEEs in US$ terms in October 2014 over October 2013 was growth of 14.2% against the negative growth of 8.7% in October 2013 over October 2012. 
	 
	 “The FEE from tourism in rupee terms during January-October 2014 were Rs 96,007 crore with a growth of 12.9%, as compared to the FEE of Rs 85,014 crore with a growth of 14.6% during January-October 2013 over the corresponding period of 2012. FEE from tourism in terms of $ during January- October 2014 were US$ 15.790 billion with a growth of 6.6%, as compared to $ 14.806 billion with a growth of 5.5% during January- October 2013 over the corresponding period of 2012”, noted the ministry in its report. 
	 Industry players have attributed the rising trend to the fact that foreign tourists prefer visiting the country especially in the month of October as the festive season has started. “There is often a surge in the FTAs during this time. Indian festivals are colourful, which is an important attraction. The month started with <keyword id="6357908" type="UNKNOWN" weightage="20" keywordseo="Durga-puja">Durga Puja</keyword> followed by Dusherra, Onam and <keyword id="188" type="ENTERTAINMENT" weightage="20" keywordseo="Diwali">Diwali</keyword>. It's been a month of festivals and tourists are intrigued by the culture,” said a tour operator who requested anonymity. 
	 
	However, he added that most of the FTA would not have converted into any monetary benefits especially for the hotel industry since a large portion of these FTAs include NRIs. “Indians living abroad often visit home during Diwali. They comprise a considerable chunk of the FTA recorded by the country”, the operator noted.

Foreign
Tourist Arrival In India Surges In October

The rupee appreciated 8 paise to 81.60 against the US dollar in early trade on Tuesday as foreign capital inflows and a firm trend in the domestic equity market boosted investor sentiments. Besides, a weak American currency in the overseas market helped the local unit, forex dealers said. At the interbank foreign exchange, the domestic unit opened strong at 81.58 against the dollar, then inched lower to quote at 81.60, registering a rise of 8 paise over its previous close. In the previous session on Monday, the rupee rose 3 paise to end at 81.68 against the dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.38 per cent to 106.28. Brent crude futures, the global oil benchmark, surged 1.39 per cent to USD 84.35 per barrel. In the domestic equity market, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 164.06 points or 0.26 per cent higher at 62,668.86. Similarly, the broader <keyword id="372424" type="General" weightage="80" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> rose 59.10 points or 0.32 per cent to 18,621.85. <keyword id="6438315" type="General" weightage="80" keywordseo="foreign-institutional-investors" source="Orion">Foreign Institutional Investors</keyword> (FIIs) were net sellers in the capital markets on Monday as they sold shares worth Rs 935.88 crore, according to exchange data. <keyword id="3414353" type="General" weightage="20" keywordseo="sp-global-ratings" source="Orion">S&amp;P Global Ratings</keyword> on Monday cut <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s economic growth forecast for the current fiscal year to 7 per cent but said the domestic demand-led economy will be less impacted by the global slowdown. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/rishi-sunak-reiterates-uks-commitment-to-fta-with-india/articleshow/95844287.cms">Rishi Sunak reiterates UK's commitment to FTA with India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/no-end-to-downgrades-in-gdp-estimates-as-economists-remain-divided-on-severity-of-slowdown/articleshow/95847763.cms">No end to downgrades in GDP estimates as economists remain divided on severity of slowdown</a>

Rupee gains 8 paise to 81.60 against US dollar

Continuing with his strategy of visiting foreign countries as a means of promoting India as a investment- friendly destination and promoting the ‘Make in India’ campaign, Prime Minister Narendra Modi—the first Indian premier to visit the <a href="http://www.businessinsider.in/searchresult.cms?query=uk">UK</a> in a decade—managed to clinch deals worth $14 billion during his just-concluded visit to Britain. 
 
The deals span across sectors such as technology, defence, insurance services, finance, healthcare and energy, and include a $4.4-billion investment by Britain's OPG Power Ventures to add 4,200 MW capacity of new electricity generation in Tamil Nadu; $1.4 billion by Vodafone to support the Indian government’s Digital India and Make in India initiatives; $3 billion by the largest Solar power generator in Europe, Lightsource, to design, install and manage around 3 GW of solar power infrastructure in India over five years; $1.8 billion by British technology company Intelligent Energy 's to provide clean energy; and $365 million by Standard Life, Bupa and Aviva in their Indian joint ventures. 
 
The two nations also signed a <a href="http://www.businessinsider.in/searchresult.cms?query=civil+nuclear+deal">civil nuclear deal</a>, pledging to collaborate in defence and cyber security. India is also looking at attracting more British investments into India in defence manufacturing. These may include a pact for Britain’s BAE Systems to sell 20 more Hawk trainer jets to India. The UK will also provide technical assistance to develop Indore, Pune and Amaravati to help meet India's ambitious urban development goals. 
 
Riding on the surge in confidence among FIIs, India has received $30 billion in foreign direct investment in the first six months of this calendar year, thanks to a slew of measures taken by the <a href="http://www.businessinsider.in/searchresult.cms?query=modi+government">Modi government</a> to revamp the adversarial and oppressive direct tax regime in India, overhaul indirect tax system via GST and attract investment in infrastructure. 
 The Modi government is also promoting the <keyword id="6354423" type="UNKNOWN" weightage="20" keywordseo="Ease-of-Doing-Business">ease of doing business</keyword> in the country and is banking on China’s slowdown and promoting India’s investment-friendly destination. 
 
Against this backdrop, it perceives Britain as a key market for the country as an increasing number of Indian corporates are spreading their wings in the UK via alliances and acquisitions. Language for business is also same, laws are similar and Britain is strategically located for reaching European markets. 
 
During his visit to the UK—the first Western country to end a visa ban on Modi, imposed after the 2002 riots in Gujarat, when he was chief minister of the state—Modi rightfully said the UK is India’s gateway to Europe. 
 
The UK ranks 18th in the list of India’s top 25 trading partners (it used to occupy the number one position for long even after India’s Independence) and two-way trade in 2014-15 stood at $14.34 billion. The UK is the third-largest inward investor in India, after Mauritius and Singapore, with a cumulative investment of $22.26 billion between 2000 and 2015. 
 
On the other hand, India is the third-largest foreign investor in the UK. The two countries have signed many bilateral trade agreements. These include the Joint Economic and Trade Committee which was inaugurated in New Delhi in 2005 to boost two-way bilateral investments. 
 
In what is perceived as ‘reverse colonialism’ where non-Western countries impact the West, Indian companies have increasingly expanding their presence in the UK. The growth of India's multinational companies contributed greatly to UK's business and economy. As of 2014, Indian companies in the UK generated over £19 billion. They have also employed more than 100,000 people in the UK. 
 
Of late, the UK government has lost no chance to label India as one of the fastest growing economies in the world and one among its most influential trade partners. 
 
Besides, as negotiations for a free trade agreement (FTA) with the EU are heading nowhere, a growing chorus of experts has been calling for a separate FTA between India and Britain. 
 
Given a complex nature of the EU structure and its vast internal issues, the likelihood of reaching an FTA deal with the 27-nation bloc in the near future seems remote. Enhanced trade relation including an FTA with the UK will help India bypass this impasse and make inroads not only on the UK market but the broader European market. 
 A growing number of experts opine that it would be much easier for India to negotiate a deal with Britain, which also needs a vast Indian market for reviving its economy. Given the vibrancy of the British economy and a growth potential of <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword>, there is a lot of scope for the two countries to enhance collaboration in technology, Information Technology, financial services, education, health, textiles, transportation, urban infrastructure and defence. Pursuing dual FTAs (with EU and the UK) should not be a problem as India has been doing the same elsewhere—it maintains an FTA with the ASEAN while continuing to have separate deals with member countries like Singapore. 
 
The merchandise trade between Indian and the UK, in fact, took a dip from $15.82 billion in 2013-14 to $14.33 billion in 2014-15. One hopes that leaders of both the countries would resort to measures that will help revive the momentum and take bilateral trade to newer heights. 
 
(Image: PIB)

Why India-UK trade relation is a win-win partnership for the both countries

Can <keyword id="6355333" type="UNKNOWN" weightage="100" keywordseo="Brexit">Brexit</keyword> open up new areas of opportunity for India and the UK? While it might still be too early to predict how things will pan out between India and the <keyword id="6361754" type="COUNTRY" weightage="100" keywordseo="United-Kingdom">United Kingdom</keyword>, they don't look as bleak for India as they do for the <keyword id="6355123" type="ORGANIZATION" weightage="100" keywordseo="EU">EU</keyword>. 
 In fact, if UKIP (<keyword id="3443351" type="UNKNOWN" weightage="100" keywordseo="uk-independent-party">UK Independent Party</keyword>) leader <keyword id="6609440" type="PERSON" weightage="100" keywordseo="Nigel-Farage">Nigel Farage</keyword> is anyone to go by, Indians might find the UK more welcoming. 
 
In a recent interview he was quoted as saying, "I have to confess I do have a slight preference. I do think, naturally, that people from India and Australia are in some ways more likely to speak English, understand common law and have a connection with this country than some people that come perhaps from countries that haven't fully recovered from being behind the Iron Curtain." 
 Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> had told a press conference in <keyword id="6354968" type="COMPANY" weightage="100" keywordseo="London">London</keyword> last year that India considered the UK to be a gateway to Europe, indicating his preference for the 'Remain' camp. But the 'Leave' verdict could give India, the third largest investor in the UK, greater operating room in a country with which India has shared a historically warm relationship. 
 Rajya Sabha MP <keyword id="199084" type="PERSON" weightage="100" keywordseo="Swapan-Dasgupta">Swapan Dasgupta</keyword> is among those who believe that India should utilise the opportunity to forge a more meaningful partnership with <keyword id="11101" type="COUNTRY" weightage="100" keywordseo="Britain">Britain</keyword>. 
 
"It was a vote against an uncaring super state and uber cosmopolitanism. Yet, Brexit offers great opportunities to engage with a UK that is bound to become economically more free. If India gets into the act without delay, it may be possible to negotiate a mutually beneficial FTA that had become impossible under the EU. 
 
he UK can remain India's foremost trading outpost in the West. Brexit signals new opportunities for India and Indians." 
 
India's official reaction, however, was much more guarded and cautious. An external affairs ministry spokesperson said, "We value our multifaceted relationships with both the UK and the EU and will strive to further strengthen these ties in the years ahead." 
 
Brexit will undoubtedly have huge implications for the EU project and nobody can say for certain if London will retain its position as the premier financial capital. 
But there are some genuine worries also. What if Indian companies relocate to a country like, say, Ireland, as the new gateway to the EU? 
 That might cloud bilateral economic prospects which currently give India a position of some importance in the UK as evidenced by the British government's decision to intervene with labour unions after <keyword id="6357147" type="CITY" weightage="100" keywordseo="Tata-Steel">Tata Steel</keyword> announced its exit. 
 
Image credit: Indiatimes

Brexit may just be good news for Indians in UK

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">REUTERS/Rafael PerezA woman cigar sommelier takes a sip of Scottish whisky while holding a Monte Cristo No.2 and a Partagas Piramide, in the Whisky and Cigar Challenge contest during the Festival del Habano, in Havana, February 26, 2004.</div></div></div>Leaving the European Union exposes the Scotch whisky industry to international trade tariffs and uncertainty over exports, according to research by investment bank Macquarie.Companies such as Diageo, which owns the Johnnie Walker whisky brand, will experience a rapid increase customs tariffs, Macquarie said in a note to clients.Leaving the EU would mean falling out of the 27-nation bloc's free trade agreements with other countries, hiking tariffs from 0% to 30% in markets like South Korea. In India and Indonesia, the rate could increase to 150% according to Macquarie's table of tariffs."The Scotch industry relies on the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s membership of several key trading agreements, all of which are directly or indirectly linked to EU membership, for protection from tariff and nontariff barriers to trade," Macquarie said.Around 70% of Diageo's whisky exports could be affect, according to Macquarie.Here is the chart:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Macquarie</div></div></div>"The UK leaving the EU Customs Union would be the most significant Brexit-related event for the Scotch industry in our view and could happen at any time. A number of influential UK Cabinet ministers believe that the UK needs to start negotiating new FTAs as soon as possible, which would require the UK to leave the EU Customs Union," Macquarie said in the note.Here is the chart of non-FTA tariffs that could hit exports:<div class="KonaFilter image-container display-table"><div><div class="image on-image">Macquarie</div></div></div>Andrea Leadsom, the secretary for the Environment, Food and Rural Affairs, unveiled a plan last month to put UK-made products, such as cider, whisky and biscuits, at the heart of a new trade strategy."Our food and drink is renowned for having the very best standards of animal welfare, quality and safety and I want even more of the world to enjoy what we have to offer," <a href="https://www.gov.uk/government/news/global-ambitions-for-british-food-and-drink-could-boost-economy-by-nearly-3-billion">Leadsom said in a statement.</a>"Scottish salmon, Welsh beef, Northern Irish whiskey and English cheese are already well-known globally and I want us to build on this success by helping even more companies send their top quality food and drink abroad," Leadsom said. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/richard-branson-entrepreneurs-government-lacking-2016-11">Richard Branson: Entrepreneurs need to fill the gap where government is lacking</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="V1dXVsNzE65h4lISR4rnnLRSgszALLD8" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Brexit is going to be really bad for the Scotch whisky industry

<keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s mystical history and natural beauty continues to charm foreigners. The country witnessed a substantial rise in the foreign tourist arrivals (FTA) in August 2014. According to a report by the <keyword id="20048" type="CITY" weightage="20" keywordseo="tourism">tourism</keyword> ministry, India recorded 5.69 lakh FTA last month as against 4.86 lakh in August 2013 and 4.46 lakh in August 2012. 
 
“There has been a growth of 16.9% in August 2014 over August 2013 as compared to a growth of 9.1% registered in August 2013 over August 2012,” said the report. 
 
The ministry also noted that nearly 46.84 lakh foreign tourists had arrived between January and August this year, registering a growth of 7.4% over the same period in 2013 (43.60 lakh FTA). 
 Interestingly, while the US and UK continued to be one of the top source countries for India, some of the new countries that showed interest in India includes Malaysia, Sri Lanka, UAE and Oman. “…The top 15 source countries was highest from Bangladesh (14.03%), followed by <keyword id="6355055" type="COUNTRY" weightage="20" keywordseo="USA">USA</keyword> (12.74%), UK (9.22%), Sri Lanka (6.79%), Japan (3.56%), France (3.18%), Malaysia (3.09%), Germany (2.79%), UAE (2.42%), Oman (2.28%), Australia (2.28%), Canada (2.22%), China (2.14%), Pakistan (2.11%) and Nepal (2.10%),” states the report. 
 
In terms of Foreign Exchange Earnings (FEEs) from tourism, India earned Rs 10, 254 crore ($1.684 billion) in August itself as compared to Rs 8,351 crore ($1.328 billion) in August 2013 and Rs 7,260 crore ($1.306 billion) in August 2012. 
 
India recorded a growth of 22.8% in FEEs in rupee terms in August 2014 over August 2013, which had registered 15% growth over August 2012. While the growth rate in FEEs in American dollar terms in August 2014 was 26.8% as compared to a meagre growth rate of 1.7% in August 2013 over August 2012. 
 
“The FEE from tourism in rupee terms during January-August 2014 was Rs 77,350 crore with a growth of 12.8%, as compared to the FEE of Rs 68,558 crore with a growth of 15.4% during January-August 2013 over the corresponding period of 2012. While the FEE from tourism in terms of dollars during January-August 2014 were $12.739 billion with a growth of 4.6%, as compared to $12.178 billion with a growth of 8.0% during January-August 2013 over the corresponding period of 2012”, the ministry noted in its report. 
 
Surprisingly, the growth has been recorded despite spurt in crime against foreign tourists. Earlier, industry players feared that the rising crime rate would keep foreign tourists away from the country, but tourism ministry ran a slew of campaigns centred on the foreign tourists’ safety, which seems to have done the magic.

India Witnesses Huge Increase In Foreign Visitors

The <keyword id="6355512" type="General" weightage="20" keywordseo="Union-Cabinet" source="Orion">Union Cabinet</keyword> on Wednesday approved the much-anticipated <keyword id="8870884" type="General" weightage="20" keywordseo="production-linked-incentive" source="Orion">production linked incentive</keyword> (PLI) scheme for the textiles sector. Under the scheme incentives worth ₹10,683 crore will be provided over five years. According to the government, the move will especially positively impact states like Gujarat, <keyword id="6357713" type="General" weightage="20" keywordseo="Uttar-Pradesh" source="Orion">Uttar Pradesh</keyword>, <keyword id="13126" type="General" weightage="20" keywordseo="Maharashtra" source="Orion">Maharashtra</keyword>, Tamil Nadu, Punjab, Andhra Pradesh, Telangana, Odisha among others. The government expects investments of more than ₹19,000 crore into the sector during the five-year period. It is also expected to bring about additional production turnover of over ₹3 lakh crore during the period and create employment opportunities of over 7.5 lakh people directly and several lakhs more for supporting activities, as per the government. The government will give higher priority for investment in the aspirational districts and tier-3 cities. Industry participants have lauded the decision of the government. Apparel Export Promotion Council (AEPC) Chairman A. Sakthivel said that it will be a game changer for the Indian textile industry and will transform India's growth story. Sakthivel said that the scheme will result in fresh investment of gigantic proportions, expand manufacturing capacities and enhance exports multifold. "It will make India a key player in the global textile value chain with focus on high value MMF products. Besides, it will promote industrial development in backward regions of the country," he added. The focus of the <keyword id="8941225" type="General" weightage="20" keywordseo="PLI-SCHEME" source="Orion">PLI scheme</keyword> would be for the development of man-made fibre and technical fibre segments that are in high demand in advanced economies where India already has a big presence with its technical products. Commerce and Industry Minister Piyush Goyal said that fabric and garments made from these fibres would be a focus of the scheme so that world class facilities are built in the country. He also said that the government was also working on free trade agreements (FTAs) with advanced economies such as the UK, the US, EU that will help the country both ways to get requisition imports as well boost exports. FTA would also help the textile sector, the minister said, in getting a level playing field that faced unequal duties in some of these markets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-airtel-stocks-fall-amid-reports-that-government-hasnt-discussed-proposal-for-a-telecom-relief-package/articleshow/86033281.cms">Vodafone Idea falls amid reports that government hasn’t discussed proposal for a telecom relief package</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-naukri-parent-info-edges-stock-went-up-23-in-the-last-one-month/articleshow/86032576.cms">Here is how Naukri parent Info Edge’s stock went up 23% in the last one month</a>

Union Cabinet approves PLI scheme worth ₹10,683 crore for textiles

The Indian Cellular and Electronics Association (<keyword id="6816005" type="UNKNOWN" weightage="20" keywordseo="icea">ICEA</keyword>) has sought extension of the <keyword id="984226" type="PERSON" weightage="20" keywordseo="zero-import-duty">zero import duty</keyword> on open cell television panels beyond September 2019. In a letter to Revenue Secretary <keyword id="9938032" type="UNKNOWN" weightage="20" keywordseo="ajay-bushan-pandey">Ajay Bushan Pandey</keyword>, the ICEA said that the reduction of custom duty on open cell from 5 per cent to zero per cent till September 2020 has given a huge fillip to domestic manufacturing of <keyword id="428513" type="PERSON" weightage="20" keywordseo="LED-televisions">LED televisions</keyword> and led to reduction in imports from ASEAN countries. It has sought an extension on the zero duty on open cell imports for three years. Citing the Ministry of Electronics and IT's recent proposal to to impose duty of 5 per cent on open cell panels and bring pure cell to zero per cent in a bid to encourage the process of polariser film and COF bonding for open cell, the industry body said that it is concerned about its implementation as the anomaly in differentiation of open cell with bonding and open cell without bonding -- pure cell -- still remains a challenge. The industry body, representing LG, <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword> and Micromax among others, warned of the growth of the grey market if the proposal is put into effect. "If the duty on open cell is not extended beyond September 2020, it will again lead to high imports of LED TVs under FTA, a huge blow to the Make in India programme of the Government of India. It will have an adverse impact on the Indian domestic manufacturers and the EMS companies," the letter by ICEA Chairman Pankaj Mohindroo said. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/its-not-just-india-chinese-intelligence-has-its-eye-on-more-than-2-4-million-individuals-across-the-us-japan-canada-australia-and-the-uk/articleshow/78101034.cms">It's not just India — Chinese intelligence has its eye on more than 2.4 million individuals across the US, Japan, Canada, Australia, and the UK</a> <a href="https://www.businessinsider.in/defense/news/india-china-border-tension-will-be-in-focus-as-the-parliaments-monsoon-session-begins-today/articleshow/78098575.cms">India-China border tension will be in focus as the Parliament's Monsoon session begins today</a> <a href="https://www.businessinsider.in/finance/banks/news/all-eyes-on-parliaments-monsoon-session-the-banking-regulation-amendment-bill-2020-may-not-be-on-the-docket-for-long/articleshow/78101791.cms">All eyes on Parliament's Monsoon session — the Banking Regulation (Amendment) Bill 2020 may not be on the docket for long</a> <a href="https://www.businessinsider.in/stock-market/news/hcl-tech-share-price-jumps-after-mid-quarter-guidance-pulling-tcs-infosys-wipro-and-tech-mahindra-in-the-green-along-with-it/articleshow/78103743.cms">HCL Tech's mid-quarter guidance optimism sparks rally in TCS, Infosys, Wipro, and Tech Mahindra too</a>

Xiaomi, LG and Micromax-backed lobby seeks extension of zero import duty on open cell TV panels

New Delhi, Jan 9 () Free trade agreements with Australia, Canada, and the European Union will help boost the country's textile exports, an apparel export promotion body said on Thursday.
Apparel Export Promotion Council (AEPC) Chairman A Sakthivel said the government should pursue free trade agreements (FTAs) with these countries as they hold huge potential for India's exports.
"India should do comprehensive FTAs with Australia, Canada, the UK and the EU. Once we get these pacts done, the sector would not require hand holding from the government," he said.
Sakthivel said currently Indian textile exporters have to pay about 10 per cent customs duty in these countries.
"FTAs will help in significantly reducing or eliminating these duties, which will help exporters to increase their shipments," he told .
Currently, the European Union (EU) accounts for 45 per cent of India's total textile exports. On the other hand, Canada and Australia account for only 2-3 per cent, he added.
 The chairman said India should also look at such pacts with the UK after Brexit.
India is already negotiating agreements with both Australia and Canada, but the talks are going at a slow pace.
Similarly, negotiations with the EU are stalled since May 2013. Both the sides are working to resume the talks soon.
Under an FTA, two or more trading partners significantly reduce or eliminate customs duties on maximum number of goods traded between them. They also liberalise norms to increase trade in services and boost investments.
Further, Sakthivel urged the government to announce support measures for the sector in the forthcoming Budget to increase exports as it faces certain challenges at liquidity front.
India's apparel exports sector is facing tough competition from Bangladesh, Vietnam and Cambodia. 
The country's apparel exports stand at USD 17 billion, while Bangladesh, Vietnam and Cambodia ship apparel worth USD 38 billion, USD 27 billion and USD 12 billion, respectively.
The textile sector employs about 360 lakh people directly and 180 lakh indirectly. RR ANU

You Searched For "India UK FTA" and got 9 results

Foreign Tourist Arrival In India Surges In October

Purba Das

Rupee gains 8 paise to 81.60 against US dollar

PTI

Why India-UK trade relation is a win-win partnership for the both countries

Preetam Kaushik

Brexit may just be good news for Indians in UK

BI India Bureau

Brexit is going to be really bad for the Scotch whisky industry

Ben Moshinsky

India Witnesses Huge Increase In Foreign Visitors

Purba Das

Union Cabinet approves PLI scheme worth ₹10,683 crore for textiles

IANS

Xiaomi, LG and Micromax-backed lobby seeks extension of zero import duty on open cell TV panels

IANS

FTAs with EU, Australia, Canada to help boost textile exports: AEPC

PTI