India, UK end fifth round of FTA talks, deal likely to double bilateral trade to USD 100 billion by 2030

India and UK have just concluded the fifth round of talks for the Free Trade Agreement (FTA). The agreement is estimated to double India-UK bilateral trade to $100 billion by 2030.

The FTA is pertinent for both India as well as the UK as it will give a boost to overall trade. With issues that UK is battling at present regarding wages, there is a need for the FTA going through for UK as much as it is for India. While the FTA will double UK’s exports to India, it is also expected to boost Britain’s total trade by as much as £28 billion a year by 2035 and increase wages across the UK regions by £3 billion, according to industry estimates.

The FTA is pertinent for both India as well as the UK as it will give a boost to overall trade. With issues that UK is battling at present regarding wages, there is a need for the FTA going through for UK as much as it is for India. While the FTA will double UK’s exports to India, it is also expected to boost Britain’s total trade by as much as £28 billion a year by 2035 and increase wages across the UK regions by £3 billion, according to industry estimates

India receives a record high FDI inflow of Rs 6,31,050 crore in FY22

India received its highest ever Foreign Direct Investment (FDI) inflow of Rs 6,31,050 crore in the previous fiscal, i.e, FY 2021-22, Som Parkash, Minister of State in the Ministry of Commerce and Industry said on Friday.The amount of FDI equity entering the manufacturing sectors surged by 76% in the fiscal year 2021–2022 to Rs 1,58,332 crore from Rs 89,766 crore in the prior year.

As per the official announcement, the increase in FDI inflows is a result of the government's adjustments to its FDI policy. To entice foreign direct investment, a liberal and open policy was implemented. Foreign investment in the manufacturing sector is under the automatic route. Manufacturing activities may be self- manufacturing by the investee or contract manufacturing in India with a legal basis. This is subject to the provisions of the FDI Policy

A manufacturer can also sell its products through wholesale or retail, including through e-commerce, without obtaining government approval

Measures undertaken by the Reserve Bank of India (RBI) to enhance foreign exchange inflows include exemption of incremental Foreign Currency Non- Resident (Bank) and Non-Resident (External) Rupee deposits from Cash Reserve Ratio and Statutory Liquidity Ratio and allowing of Foreign Portfolio Investment in commercial paper and non-convertible debentures with an original maturity of up to one year, amongst others.

India’s government withdraws data protection Bill to bring revamped regulation

India’s government has withdrawn the Personal Data Protection Bill from Parliament as it looks to come up with a “comprehensive legal framework” for regulating online space including separate legislation on data privacy, the overall internet ecosystem, cybersecurity, telecom regulations, and harnessing non-personal data for boosting innovation in the country. The new Bill will incorporate broader ideas of data protection and will be in line with the Supreme Court’s landmark judgment of 2017 in which it held privacy as a fundamental right.