India and UK sign historic Free Trade Agreement, set to boost annual trade by $34 bn (The Economic Times)
India and the UK have signed a landmark Free Trade Agreement expected to boost annual bilateral trade by around $34 billion, with 99% of Indian exports to the UK—such as textiles, generic drugs, leather goods, and chemicals—getting zero-duty access. India will slash tariffs on UK goods, including cutting Scotch whisky duties from 150% to 75% (to 40% in a decade) and reducing electric vehicle tariffs from 110% to 10%, while UK exports to India are projected to rise nearly 60% over time. The deal is set to double India’s electronics, engineering, and gems exports by 2030, increase chemicals exports by up to 40% in the next fiscal year, and boost software services exports by 20% annually, while also unlocking £6 billion of new UK investments and creating over 2,200 British jobs.
India eases quality control norms on key chemicals imported from the US, China (mint)
The government has withdrawn quality control orders (QCOs) for acetic acid, methanol, and aniline—key inputs for pharmaceuticals, textiles, and agrochemicals—to ease compliance costs for manufacturers, particularly SMEs. India, which imported acetic acid worth over $186 million from China and $12 million from the US in 2023, will now see smoother sourcing as these chemicals no longer require mandatory BIS certification, a move expected to reduce supply bottlenecks and boost domestic production. With chemical and allied product exports falling from $130.7 billion in 2022-23 to $108.6 billion in 2023-24, industry leaders believe this step will enhance competitiveness and support the government’s larger manufacturing push despite its ongoing drive to bring 1,500 products under strict BIS norms by 2025-26.
Centre plans to introduce $10,000 fee to recognize foreign medical courses (mint)
India’s National Medical Commission (NMC) has proposed a $10,000 (₹8.6 lakh) fee for foreign universities or accreditation agencies seeking recognition of their medical courses in India, aiming to streamline the process and ensure higher standards. With only 1.1 lakh MBBS seats available domestically against 2.5 million applicants, nearly 25,000 Indian students head abroad each year—primarily to Russia, China, Georgia, and Kyrgyzstan—where medical education costs range between ₹18–48 lakh. The move, similar to practices in the US and UK, is expected to formalize recognition while impacting thousands of students pursuing MBBS degrees overseas.
