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Category: Business Trends

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India–UK FTA Set to Double Apparel and Textile Trade by 2030

India’s apparel and home textiles exports to the UK are on track to see a major boost, with trade volumes expected to double over the next 5–6 years. This surge is attributed to the recently concluded Free Trade Agreement (FTA) between the two nations, according to a report by credit rating agency ICRA.

Key Highlights :

  • The India–UK FTA is projected to become operational in calendar year 2026, pending legal review.
  • In CY2024, the UK imported $1.4 billion worth of apparel and home textiles from India.
  • This accounted for a 6.6% share of the UK’s total textile imports.
  • Currently, UK imposes 8–12% duty on apparel and home textiles from India.
  • The FTA will eliminate tariffs on 99% of Indian goods, including textiles.
  • To meet growing demand, new manufacturing capacities are expected to be added in 4–5 years
With zero tariffs and strategic capacity building, the FTA could unlock a new era of textile trade growth between India and the UK.
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India’s Smartphone Exports Overtake Petroleum & Diamonds to Top Export Charts

In a dramatic shift in India’s export landscape, smartphones have surged past petroleum products and diamonds to become the country’s #1 export item, according to recent government data.

Fueled by booming global demand and policy-driven momentum, India is fast emerging as a global smartphone manufacturing powerhouse.

Key Highlights:

  • Massive Growth in Smartphone Exports
  • 2024–25: $24.14 billion
  • 2023–24: $15.57 billion
  • 2022–23: $10.96 billion
  • 55% year-on-year jump in 2024–25
  • The US & Japan Lead the Surge
  • USA:
  • 2022–23: $2.16B → 2024–25: $10.6B (nearly 5x growth)
  • Japan:
  • 2022–23: $120M → 2024–25: $520M (4x increase)
  • Europe Joins the Party
  • Netherlands: $1.07B → $2.2B
  • Italy: $1.07B → $1.26B
  • Czech Republic: $1.07B → $1.17B
  • Policy Push Pays Off
  • The Production-Linked Incentive (PLI) scheme has played a pivotal role
  • Attracted new investments
  • Boosted local manufacturing
  • Strengthened India’s role in global supply chains
  • Historic First
  • Smartphones now surpass petroleum and diamonds traditionally India’s top exports
“This rapid ascent is transforming India into a key global hub for smartphone manufacturing and exports,” said a senior Commerce Ministry official.
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India Imports 2.88M Tons of Iron Ore Jan–Apr, Up 76% YoY Amid Domestic Supply Gaps

India’s appetite for imported iron ore continues to grow, even as domestic production hits historic highs. From January to April 2025, the country imported approximately 2.88 million tons of iron ore (including fines and pellets), marking a 76% year-on-year increase, according to trade data reported by Kallanish.

Key Highlights :

  • 📈 Imports Soar : Iron ore imports reached 2.88 million tons in Jan–Apr 2025 — up 76% vs. the same period last year.
  • 🌍 Top Suppliers: Oman and Australia emerged as the leading sources of these imports.
  • 🏭 JSW Steel Leads Demand : The steel giant was the largest importer, reportedly sourcing ore from Oman for its western India plants amid local supply issues.
  • 🌧️ Domestic Disruption : Prolonged monsoons in late 2024 disrupted mining operations, tightening local supply.
  • ⛏️ Production Milestone : India produced 289 million tons of iron ore in FY2024/25 — a record high, up 4.3% YoY.
  • 🔄 Pellet Capacity Expands : Pellet production rose to 105 million tons, supported by growing use in blast furnaces and expansion of steelmaking capacity.
  • 🧱 Installed Capacity Growth : Pellet design capacity rose to 164 million tons per year, up from 148 MT in FY2023/24 (BigMint data).

Despite a strong domestic mining performance, India’s growing steel sector and periodic supply chain interruptions are prompting a greater reliance on overseas sourcing — especially for key players like JSW Steel.

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India Close to Signing Trade Deal with Oman as Gulf Engagement Gains Momentum

India is on the cusp of finalizing a Free Trade Agreement (FTA) with Oman, one of its oldest strategic partners in the Gulf region. The deal is expected to deepen economic ties and open new avenues for trade and investment.
According to The Economic Times, the India-Oman Comprehensive Economic Partnership Agreement (CEPA), which was formally launched in November 2023, is in its final stages.

“Only a few issues are left to be resolved with Oman and an announcement could be made this month,” a source involved in the negotiations revealed.

Key Trade Highlights :

  • Exports to Oman (Apr–Feb FY25): $4.42 billion
  • Imports from Oman: $4.52 billion
  • Top Indian exports :
  • Light oils and preparations
  • Ships and floating structures
  • Aluminium oxide (excluding artificial corundum)
  • Rice, mechanical appliances, sunglasses, aircraft
  • Agricultural items such as fruits, vegetables, spices, tea, and coffee
  • Major imports from Oman:
  • Petroleum products and urea (over 70% of total imports)
  • Polymers of propylene and ethylene, pet coke, gypsum, chemicals, iron and steel
The economic relationship goes beyond trade. India and Oman have recently updated their Double Taxation Avoidance Agreement (DTAA), aligning it with global standards to facilitate smoother cross-border transactions.

💼 Investment Ties:

  • As of December 2023, joint venture investments in Oman stood at $776 million.
  • FDI inflows from Oman to India (Apr 2000 – Jun 2024): $597.14 million (Source: Indian Embassy in Oman)

🌐 Strengthening Gulf Partnerships

India’s engagement with Oman is part of a broader strategy to enhance economic cooperation across the Gulf:
  • An FTA with the UAE has already been signed
  • Talks are ongoing with the Gulf Cooperation Council (GCC), which includes:
  • Saudi Arabia
  • UAE
  • Qatar
  • Kuwait
  • Oman
  • Bahrain
  • India is also seriously considering an FTA with Qatar, following the Emir’s visit to New Delhi in February 2025. Qatar has expressed strong interest in increasing investments in India.
These developments reflect India’s growing focus on building robust economic linkages in the region, especially in sectors like trade, energy, infrastructure, and security.
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India’s Pharma Juggernaut Powers Ahead

India’s pharmaceutical are still on a roll: pharma exports to the US jumped 14 % in April–Feb FY25, touching US $9.8 billion even off a hefty base, Pharmexcil data shows.
  • America still rules the prescription pad—it soaks up 36.6 % of all Indian pharma shipments.
  • Global lift : Overall pharma exports rose 7 % to US $26.8 billion, putting the full‑year tally on track for ~US $27 billion.
  • Risk radar : With talk of fresh US import tariffs, Indian manufacturers are scouting new frontiers in Europe, Africa, and emerging markets to keep growth humming.
Logistics lens : Expect steady volumes of time‑sensitive, high‑value pharma freight heading west—plus a pivot toward alternative lanes as exporters hedge against tariff risk. Tighten your cold‑chain and compliance game to stay ahead.
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UAE‑India Seal Eight Trail‑Blazing Pacts, Super‑Charging Trade Routes from Logistics to Lifesaving Care

During Crown Prince Sheikh Hamdan’s visit to New Delhi, the UAE and India signed eight “early‑action” agreements that tighten the screws on an already booming partnership.

Key Highlights :

  • Logistics super‑boost : DP World and Indian Railways consultancy RITES will expand the UAE‑India Virtual Trade Corridor, building multimodal parks and rail‑port links that slash customs red tape and keep cargo moving even when global supply chains wobble.
  • Ship‑repair twin hubs : Drydocks World will partner with Cochin Shipyard to create fast‑turnaround repair clusters in Kochi and Vadinar and collaborate on offshore fabrication.
  • Business fast‑lane : Dubai Chambers struck MoUs with CII, FICCI and the IMC Chamber to give companies concierge‑style help setting up on either side, plus joint trade‑fair and investment missions.
  • Top‑tier education lands in Dubai : The Indian Institute of Management Ahmedabad will roll out its one‑year flagship MBA in Dubai this year, with a permanent campus slated for 2029.
  • Care that crosses borders: Dubai Health will build the non‑profit UAE‑India Friendship Hospital, while Dubai Medical University and AIIMS launch joint research and training programmes.
The deals build on the CEPA free‑trade pact that already pushed bilateral commerce past $85 billion—promising faster cargo flows, stronger supply‑chain resilience and a new pipeline for talent and medical innovation. In short: expect the UAE‑India corridor to get even busier, smarter and healthier.
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