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India Participates in 9th BRICS Industry Ministers’ Meeting in Brasília

India participated in the 9th BRICS Industry Ministers’ Meeting held under the Chairship of Brazil on 21st May 2025 at the Itamaraty Palace, Brasília – Federal District. The overarching theme of the meeting was “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance”.

The meeting witnessed the presence of Industry Ministers and representatives from all BRICS member countries including Brazil, Russia, India, China, South Africa, as well as newly inducted members Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia, and the United Arab Emirates. The Joint Declaration adopted at the meeting reaffirmed the collective commitment to fostering an open, fair, and resilient global environment, strengthening the multilateral system, and enhancing economic and social resilience amid rapid global transformations.

As a key initiative, India launched the BRICS Startup Knowledge Hub on 31st January 2025, under the aegis of the BRICS Start-Up Forum. This is the first-of-its-kind dedicated platform for BRICS nations, aimed at enhancing cross-border collaboration and strengthening startup ecosystems across member countries. India extended an invitation to all BRICS nations to contribute to and derive benefits from this platform through the exchange of policy insights, innovations, and best practices.

In line with the Joint Declaration, India also emphasized the critical role of Micro, Small, and Medium Enterprises (MSMEs) in the national and global economy. India highlighted that with 5.93 crore registered MSMEs employing more than 25 crore individuals, the sector contributed 45.73% of the country’s total exports in 2023–24.

The Ministers underscored the need to deepen industrial cooperation and promote sustainable and inclusive growth across BRICS nations. The Joint Declaration emphasized the pivotal role of innovation and digital technologies under Industry 4.0 as key drivers of sustainable development. India, in its intervention, articulated its vision for a future-ready industry that is inclusive, innovative, and digitally empowered, aligning with the objectives of the Fourth Industrial Revolution.

It was noted that India’s Digital India campaign has transformed the country into the world’s largest digitally connected democracy. The number of internet users in India increased significantly from 251.59 million in 2014 to 954.40 million as of March 2024.

India concluded its remarks by calling upon BRICS members to be guided by the principles of Sahyog (Collaboration), Samanjasya (Harmony), Samagrata (Inclusiveness), and Sarvasammati (Consensus) in all cooperative endeavours going forward.

Bombay Chamber was invited for interaction with the Select Committee On Income Tax Bill, 2025 today, 16 May 2025.

A delegation from Bombay Chamber’s Direct Tax Committee consisting of Pinky Mehta, Sudhir Kapadia, Rajeshree Sabnavis, Ravikant Kamath, Rakesh Gupta and Indra Anand attended the meeting and presented the Chamber’s suggestions.

(Left to Right)
Mr. Ravikant Kamath, Chairperson, Direct Tax Committee, Bombay Chamber & Tax Partner, Ernst & Young LLP
Ms. Indra Anand, Co-Chairperson, Direct Tax Committee, Bombay Chamber & Group Tax Head, Tata Sons Pvt. Ltd.
Mr. Rakesh Gupta, Sr. Vice President and Group Head- Taxation, RPG Group
Ms. Pinky Mehta, President, Bombay Chamber & CFO, Aditya Birla Capital Ltd.
Mr. Sudhir Kapadia, Past President, Mentor to Direct & Indirect Tax Committee, Bombay Chamber & Senior Advisor, EY
Ms. Rajeshree Sabnavis, Senior Advisor, Tax, Regulatory & Consulting Ecosystems, Grant Thornton

Ref.: MCM/ADM/11                                                 14 May 2025

The Director General

Bombay Chamber of Commerce and Industry

Mackinnon Mackenzie Building

3rd floor, 4, Shoorji Vallabhdas Road

Ballard Estate, Mumbai – 400 001

Dear Sir/Madam,

Invitation for Bids

Please see enclosed notices for invitation for bids from organizations in Mauritius.

Prospective bidders may be requested to regularly visit the website to take cognizance of any addendum and/or clarification(s) issued.

The Consulate would highly appreciate if you could kindly circulate the Notices among the members of your Organization.

Thank you for your understanding and cooperation.

Yours sincerely,

D. K. Bucktowar
Consul and Head of Mission
Consulate of the Republic of Mauritius
1107, Regent Chambers

11th Floor, Jamnalal Bajaj Marg

208, Nariman Point

Mumbai – 400 021

Tel. : 022 22825421 /22

Invitation for Bids (IFB) – Department of Immigration & Emigration

IFB No. – DIE/PRO/PKI/2025 – Procurement of Issuance System and Relevant Public Key Infrastructure Components for Personalization of e-Passports to the Department of Immigration & Emigration of Sri Lanka

I wish to inform you that, the Chairman, High Level Procurement Committee (HLPC) on behalf of the Department of Immigration and Emigration has invited sealed bids from eligible bidders for the Procurement of Issuance System and Relevant Public Key Infrastructure Components for Personalization of e-Passports to the Department of Immigration & Emigration of Sri Lanka.

All bids must be accompanied by a Bid Security in the form of bank guarantee of not less than Sri Lankan Fifty Five Million (LKR 55 Million) or the equivalent amount in a freely convertible currency in Sri Lanka.

Closing date for the submission of above is on or before 23rd June 2025 at 03.00 pm (Sri Lanka local time GMT+5:30).

Please find attached herewith a copy of the procurement notice of the above.

It would be appreciated, if you could kindly make necessary arrangements to disseminate the same among your membership.

Tel: (+ 91 22 )22045861/22048303

Fax: (+ 91 22) 22876132

E -mail: slcg.mumbai@mfa.gov.lk

India-UK FTA to enhance bilateral trade, create new job avenues, and boost economic growth

In a landmark move marking a new chapter in global commerce, India and the United Kingdom have successfully concluded a Free Trade Agreement (FTA), bringing an end to years of negotiations. The deal, hailed as a ‘historic milestone’ by Prime Minister Narendra Modi, is expected to significantly enhance bilateral trade, create new job avenues, and boost economic growth.

For India, the agreement presents both opportunities and challenges. While it opens doors for increased exports and foreign investment, it also raises concerns about domestic industries facing heightened competition. The deal is expected to catalyse trade, investment, and innovation, but its long-term impact on India’s economy remains to be seen.

One of the most significant advantages of the FTA is the elimination or reduction of tariffs on a wide range of goods and services. Indian exporters, particularly in labour-intensive sectors such as textiles, footwear, and automobile components, stand to benefit immensely. The UK has agreed to eliminate tariffs on these products, making Indian goods more competitive in the British market.

Additionally, the agreement includes provisions for increased mobility of skilled Indian professionals to the UK, particularly in sectors such as information technology (IT) and healthcare. The Double Contribution Convention, a social security pact, ensures that Indian workers in the UK and their employers are exempt from paying social security contributions for three years, reducing financial burdens and enhancing employment opportunities.

The pharmaceutical and medical device industries are also expected to see a surge in exports, as the UK lowers tariffs on these products. With India being a global leader in generic medicines, this move could significantly boost revenue for Indian pharmaceutical firms.

While the agreement offers numerous benefits, it also presents challenges for certain Indian industries. The reduction of tariffs on British whisky and gin, for instance, has raised concerns among domestic beverage manufacturers. Indian tariffs on these products will be halved from 150% to 75%, and further reduced to 40% over the next decade. This could lead to increased competition for Indian liquor brands, potentially impacting local businesses.

Similarly, the automotive sector faces mixed outcomes. While Indian manufacturers will benefit from reduced tariffs on exports, the influx of British automobiles at lower duties could pose a challenge for domestic carmakers. The UK has negotiated a tariff reduction from 100% to 10% under a quota system, which may lead to increased imports of British vehicles.

Agriculture remains another sensitive area. India has excluded certain agricultural products, such as dairy, apples, and cheese, from duty concessions to protect its farmers. However, concerns persist about the potential impact of increased competition from British agricultural exports.

The FTA is expected to have a positive impact on India’s gross domestic product (GDP) growth, with projections indicating a substantial increase in bilateral trade. The British government estimates that trade between the two nations will rise by £25.5 billion annually from 2040 onwards. This surge in trade is likely to contribute to India’s economic expansion, fostering job creation and investment.

Moreover, the agreement strengthens India’s position as a global trade partner, reinforcing its commitment to economic liberalisation. By opening up key sectors and reducing trade barriers, India is positioning itself as a flexible and attractive destination for foreign investment.

(Write to us at editorial@bombaychamber.com)

Private equity, venture capital market in India surges to $43 billion as buyouts dominate

India’s private equity and venture capital (PE-VC) market rebounded strongly in 2024, reversing two years of contraction with a 9% rise in investments to reach $43 billion across 1,600 deals. As Asia-Pacific’s second-largest PE-VC hub, India continues to attract global capital, signalling renewed investor confidence in its macroeconomic stability and long-term growth potential.

According to Bain & Company’s ‘India Private Equity Report 2025’, published in collaboration with the Indian Venture and Alternate Capital Association (IVCA), while growth-stage investments drove much of the resurgence, private equity remained steady at $29 billion. A major shift towards buyouts was evident, with their share of total PE activity surging to 51% from 37% in 2022. Investors are increasingly securing control positions in high-quality assets, leveraging record dry powder reserves to pursue scalable opportunities.

Real estate and infrastructure emerged as standout performers, collectively accounting for 16% of total PE-VC funding, with deal values soaring by 70% compared to the previous year. Financial services also experienced robust growth of 25%, particularly within non-banking financial companies (NBFCs), driven by affordable housing finance, micro-lending, and MSME financing. Large transactions in companies such as Shriram Housing Finance and Aavas Financiers underscore investor confidence in high-yield, asset-secured businesses.

The healthcare sector maintained strong momentum, with an 80% increase in deal volume. Investments in medical technology, pharmaceutical outsourcing, and single-specialty hospitals – particularly in areas like eyecare, oncology, and IVF – highlighted a strategic push towards underpenetrated categories.

Meanwhile, IT-enabled services saw remarkable expansion, with deal activity tripling. Notable transactions such as Perficient’s $3 billion deal, Altimetrik’s $900 million investment, and GeBBS’s $865 million acquisition reinforced the sector’s growing dominance in digital transformation and revenue cycle management.

India also led the Asia-Pacific region in private equity exits, with exit values reaching a record-breaking $33 billion across 360 deals, marking a 16% year-over-year increase. Public market exits gained prominence, making up 59% of total exit value compared to 51% in 2023, as strong IPO activity fuelled investor optimism. The IPO landscape expanded significantly, with 33 listings in 2024 – up from 23 the previous year – driven largely by consumer-focused sectors.

Domestic fundraising hit new highs, further strengthening India’s private capital ecosystem. Kedaara Capital closed a landmark $1.7 billion fund, while ChrysCapital raised a record $2.1 billion. Global funds also intensified their presence, with Blackstone announcing plans to double its India-based assets under management from $50 billion to $100 billion, reflecting growing international confidence in India’s economic trajectory.

The private equity and venture capital market in India rebounded in 2024 and the outlook for 2025 remains positive. However, sustaining the momentum will require funds to navigate shifting economic and market conditions. Investors with strong operational capabilities, sector-specific expertise, and a focus on sustainable value creation will be best positioned to capitalise on opportunities. As the market tilts towards traditional industries and domestic fundraising reaches new highs, India’s PE-VC landscape looks set for a steady and long-term growth.

(Write to us at editorial@bombaychamber.com)