Mumbai, Feb 6 (IANS) Indian auto component manufacturers are likely to enjoy more access to European markets with improved price competitiveness under the proposed India-EU Free Trade Agreement (FTA), a report said on Friday.The report from ICRA said that “tariff rationalisation and preferential access are expected to enhance pricing competitiveness and sourcing opportunities with European original equipment manufacturers (OEMs)”.The EU is a major automotive production hub and better trade terms…
Latest Automotive Industry News & Updates
New Delhi, Jan 30 (IANS) Prime Minister Narendra Modi on Friday highlighted that the historic India-EU free trade agreement fully aligns with the vision of making India a developed country.The Prime Minister referred to an article written by Commerce Minister Piyush Goyal stating that “the government has delivered a transformative agreement that expands markets, creates jobs and protects India’s core interests”.In the article, Goyal has stated that the India–EU free trade agreement is a hist…
New Delhi, Jan 29 (IANS) India’s industrial sector continues to display strong momentum despite an evolving and challenging global environment, supported by reforms in infrastructure, logistics, ease of doing business and innovation systems, the Economic Survey 2025-26 said on Thursday.The Survey points to the vital aspect of the next phase of industrialisation that will require a calibrated shift from a model centred mainly on import substitution towards one focused on scale, competitiveness,…
New Delhi, Jan 27 (IANS) Union Minister for Electronics and Information Technology Ashwini Vaishnaw on Tuesday said the government’s multi-year, ecosystem-driven approach to semiconductor development is delivering tangible results.He said that India steadily moves towards building a strong and self-reliant chip design and manufacturing ecosystem.Speaking after interacting with semiconductor chip design companies approved under the Design Linked Incentive (DLI) Scheme of the Semicon India Progr…
New Delhi, Jan 27 (IANS) The unprecedented preferential access secured for over 99 per cent of Indian exports is a game-changer for Indian industry, the Confederation of Indian Industry (CII) said on Tuesday.With the India-EU deal, Rs 6.41 lakh crore ($75 billion) worth exports are poised for take-off, with $33 billion of exports in labour-intensive sectors like textiles, leather, marine products, gems and jewellery are set to gain immensely from preferential access under the FTA.According to Ch…
New Delhi, Jan 27 (IANS) The India-EU free trade agreement (FTA), together with the government’s recent FTAs with the UK and the European Free Trade Association (EFTA), effectively opens the entire European market for Indian exporters — marking a strategic breakthrough in India’s trade diplomacy, the Federation of Indian Export Organisations (FIEO) said on Tuesday.The EU agreement comprehensively covers trade in goods and services, rules of origin, customs facilitation, trade remedies, and …
New Delhi, Jan 17 (IANS) China’s deal with Canada to export up to 49,000 Chinese electric vehicles (EVs) represents more than a bid for market access but a ploy for market domination that could hollow out the North American country’s domestic auto production, a report has warned.The report from Windsor Star said that as Canada’s Prime Minister Mark Carney visited Beijing, “he should know that just like US President Donald Trump, Chinese Counterpart Xi Jinping also doesn’t want Canada to buil…
Seoul, Jan 5 (IANS) Hyundai Motor Group Executive Chair Euisun Chung said on Monday the artificial intelligence (AI)-driven industrial transition will create greater growth opportunities for the group, while calling for faster decision-making supported by clear and timely communication.In a pre-recorded New Year’s roundtable with senior executives, Chung said the group’s extensive data on “moving physical assets” such as vehicles and robots, along with its manufacturing process data, constitutes…
New Delhi, Dec 23 (IANS) The India-New Zealand Free Trade Agreement reflects a defining moment in India’s trade diplomacy, opening new avenues for comprehensive economic cooperation, according to an official statement.By securing improved market access for Indian goods, expanding opportunities in services and mobility, and deepening collaboration in agriculture, investment and emerging sectors, the Agreement delivers tangible and wide-ranging benefits across the economy.The FTA eliminates duty…