Last Updated:September 29, 2025, 19:24 IST

Goyal said the deal, which was finalised in March 2024, marks another major step in India’s global trade strategy

Union Commerce Minister Piyush Goyal (Image: PTI/File)

India’s Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) countries — Switzerland, Liechtenstein, Norway and Iceland — will officially come into effect from 1 October 2025, Union Minister of Commerce and Industry Piyush Goyal announced on Monday.

Speaking at the valedictory session of the UP International Trade Show, Goyal said the deal, which was finalised in March 2024, marks another major step in India’s global trade strategy.

“Free Trade Agreement (FTA) with the EFTA countries (Iceland, Liechtenstein, Norway, and Switzerland), which was finalised in March 2024, will come into effect from October 1, 2025,” he said, referring to the EFTA bloc.

This agreement adds to a growing list of trade pacts signed by India in recent years, including with the UAE, Australia, and the UK. Goyal said India is currently negotiating similar agreements with 27 other countries, including the United States, the European Union and Peru. He also confirmed that terms for a pact with the Eurasian Economic Union have already been finalised.

“Countries around the world, including developed nations, are eager to sign free trade agreements with India,” he said.

The minister also spoke about the transformation of India’s economy since 2014. He noted that foreign exchange reserves have reached USD 700 billion, nearly three times more than what the current government inherited. He predicted that within the next two years, India would become a USD 5 trillion economy, making it the third largest economy in the world.

Highlighting recent economic performance, Goyal said India’s GDP grew 7.8% in the last quarter, while inflation dropped to 2%, the lowest since independence. “In the last ten years under Prime Minister Modi, India has seen the lowest average inflation,” he said.

Reflecting on the state of the economy in 2014, he reminded the audience that India was once labelled as part of the “Fragile Five” economies.

“Earlier, government resources like 2G spectrum, coal mines, iron ore mines, contracts, used to be handed over to relatives, associates, or party members. Modi ji ensured that everything is now given only through transparent auctions,” Goyal added.

(With inputs from ANI)

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Electronic Arts (EA), the creator of globally popular video games including “Madden NFL,” “Battlefield,” and “The Sims,” is poised to exit public markets after agreeing to a $55 billion acquisition. The deal, one of the largest leveraged buyouts ever, will transfer EA into private ownership, giving the company room to restructure without the scrutiny of public investors.The transaction will see private equity firm Silver Lake Partners, Saudi Arabia’s sovereign wealth fund PIF, and Affinity Partners — led by Jared Kushner, President Donald Trump’s son-in-law — pay $210 per share to EA stockholders. This surpasses the $32 billion privatization of Texas utility TXU in 2007, AP reported.EA has been publicly traded for 36 years. Founded by former Apple employee William “Trip” Hawkins, the company went public seven years after its inception, closing its first trading day at a split-adjusted 52 cents per share. CEO Andrew Wilson has led the company since 2013.The buyout is part of a recent flurry of high-profile technology deals involving Silver Lake. The firm is also involved in a joint venture with Oracle to manage US operations of TikTok, though full details of that transaction remain undisclosed. Silver Lake has a history of taking major tech companies private, including Skype in 2009 for $1.9 billion and Dell in 2013 for $24.9 billion, which later returned to public markets in 2018.By going private, EA can reorient its operations without the pressure of meeting quarterly targets. The company’s revenues have remained steady over the past three fiscal years, fluctuating between $7.4 billion and $7.6 billion, even as its games maintain a loyal fan base.Competition in the gaming sector has intensified in recent years. Microsoft acquired rival Activision Blizzard for nearly $69 billion in 2023, and mobile gaming companies like Epic Games have expanded rapidly. Analysts suggest that privatization could allow EA to invest in innovation, streamline operations, and strengthen its market position.While privatizations often lead to layoffs, EA has not indicated any immediate workforce reductions. After trimming 5% of its staff in 2024, the company had 14,500 employees as of March 2025 and carried out further, limited layoffs in May.The acquisition is expected to provide EA the flexibility to restructure, enhance efficiency, and pursue long-term growth strategies without the constraints of public market expectations, potentially reshaping the competitive landscape of the global gaming industry.

New Delhi: Akasa Air has announced key enhancements to its popular pet travel service, ‘Pets on Akasa’, and now passengers can travel with two pets in the cabin, up from the previous limit of one, a release said. This upgraded service aims to offer more convenience and flexibility for pet owners, a release said. Since its launch in November 2022, Pets on Akasa has successfully transported over 8,500 pets nationwide.

The airline continues to act on customer feedback, as demonstrated by key policy enhancements introduced in May 2024. These include increasing the permissible weight for pets in the cabin to 10 kg and extending the validity of pet travel certificates to 15 days, further streamlining the travel experience for pet parents, it said. Pets on Akasa currently operates across 24 domestic cities, including Mumbai, Delhi, Bengaluru, Chennai, Kolkata, Hyderabad, and Lucknow.

This move stems from the airline’s customer-focused approach and adaptability to evolving passenger needs, the release said. Passengers flying with their pets on Akasa Air enjoy a range of complimentary value-added services, including a pre-booked window seat, priority check-in and baggage delivery, and Board First, ensuring an elevated flying experience. The airline has undertaken extensive research and provided specialised training for its customer care centre, airport staff, and in-flight teams, highlighting its commitment to delivering the highest standards of care, safety, and comfort throughout the journey.

Akasa Air has also partnered with Umeed for Animals Foundation, which is a Gurgaon-based non-profit animal rehabilitation organisation dedicated to rescuing and rehabilitating animals. The airline collaborates with the NGO to implement best practices across various processes and policies, continually enhancing pet comfort and safety.

The airline also provides additional perks to passengers and stated in the release that the booking window has been reduced to 24 hours before departure, down from 48 hours, allowing last-minute travellers to make arrangements more easily.

Akasa Air, serving over 21 million passengers, operates a modern fleet of 30 Boeing 737 MAX aircraft, with a total of 226 planes on order. The fleet is designed to reduce fuel consumption, cut carbon emissions, and provide a quieter, more comfortable cabin environment, the release added.