Former Raymond Chairman Vijaypat Singhania passes away at 87; last rites in Mumbai today

The visionary industrialist and aviator breathed his last early Sunday; son Gautam Singhania confirms the news via social media.

Vijaypat Singhania, the former Chairman of the Raymond Group and a pioneering figure in India’s textile industry, passed away on Sunday at the age of 87. The news of his demise was shared by his son, Gautam Singhania, through a poignant post on social media platform X.

The veteran industrialist’s last rites are scheduled to be performed today at 3:00 PM at the Chandanwadi crematorium in Mumbai. Family sources and company officials indicated that the industry veteran had been dealing with age-related health issues for some time.

Visionary leader passes away

Gautam Singhania, in his tribute, described his father as a "visionary leader and philanthropist" whose legacy would continue to inspire future generations. The announcement marks the end of an era for the Raymond Group, which became a household name under Vijaypat’s leadership.

Born on October 10, 1938, Vijaypat Singhania was instrumental in transforming Raymond from a woollen mill into a global lifestyle brand. His tenure as Managing Director saw the company diversify into engineering, aviation, and high-end retail.

Architect of modern Raymond

Vijaypat took the reins of the company in 1980, steering it through a period of rapid modernization. He is credited with launching the premium brand 'Park Avenue' in 1986, which redefined the wardrobe of the urban Indian male.

By 1990, he had taken the brand international, opening the first overseas showroom in Oman. His business acumen was matched by his passion for technology, ensuring Raymond remained a market leader for decades in the suiting and shirting segment.

High-flying adventurer and aviator

Beyond the boardroom, Singhania was an avid aviator who held several world records. In 1988, he completed a solo flight from London to New Delhi in a microlight aircraft, a feat that lasted 23 days.

In 2005, at the age of 67, he set a world record by reaching an altitude of approximately 69,000 feet in a hot air balloon. His 5,000 hours of flight experience led the Indian Air Force to confer upon him the rank of Honorary Air Commodore.

National honors and recognition

The Government of India recognized his contributions to industry and society by awarding him the Padma Bhushan in 2006. He was also a recipient of the Tenzing Norgay National Adventure Award for his daring exploits in the skies.

In addition to his corporate roles, he served as the Sheriff of Mumbai in 2006. He also penned his experiences in a book titled 'An Angel in a Cockpit', detailing his solo flight from the UK to India.

Complex family legacy remains

In recent years, the senior Singhania was frequently in the news due to a highly publicized legal and personal dispute with his son, Gautam, over property and control of the family estate. After handing over the company reins in 2015, the relationship between the two soured significantly.

Despite a brief appearance of reconciliation in March 2024, when Gautam posted a photo with his father at JK House, Vijaypat later dismissed the meeting as forced. These developments had remained a subject of intense public interest across India News Update cycles.

Future of the textile giant

Industry experts suggest that while the personal rift was public, Vijaypat’s professional blueprint remains the foundation of the current Raymond Group. His focus on quality and retail expansion allowed the brand to penetrate deep into the Indian market.

As Mumbai prepares for his final journey, the business community continues to pour in tributes for the man who taught India what it meant to be "The Complete Man."

Indian Exports Get Major Boost from India-US Trade Deal

Indian exports are expected to witness an exponential rise following the India-US trade deal, after former US President Donald Trump claimed that tariffs on Indian goods have been slashed sharply. The move has been welcomed by top exporters and industry bodies, who believe the decision will bring immediate relief to labour-intensive sectors and strengthen India’s position in the US market.

According to exporters, the reduction of the so-called ‘Trump Tariffs’ from 50% to 18%, effective immediately, could be a game-changer for several key industries that were under pressure due to high duties and global slowdown.

US Remains India’s Largest Trading Partner

Highlighting the importance of the development, Confederation of Indian Industry (CII) President Rajiv Memani told ANI that the United States is not only the world’s largest economy but also India’s biggest trading partner.

 “Total Indian exports to the US are estimated at around $80–90 billion annually,” Memani said.

This strong trade relationship makes any tariff relief from the US especially significant for Indian exporters looking to expand volumes and improve competitiveness.

Labour-Intensive Sectors to Gain the Most

Breaking down the export numbers, Memani explained that nearly 50–60% of India’s exports to the US—roughly $50 billion—come from labour-intensive sectors such as:

 Textiles and garments

 Leather and footwear

 Fisheries

 Gems and jewellery

 Auto components

 Engineering goods

He added that the tariff relief opens up an export opportunity worth nearly $50 billion (around ₹4.50 lakh crore), particularly for sectors that have faced challenges in recent months.

Ratings Agencies and Industry Echo Optimism

Global ratings agency Moody’s also termed the tariff reduction credit-positive for Indian exports, especially for gems, jewellery, textiles and apparel—India’s top export segments.

Chandrima Chatterjee, Secretary General of the Confederation of Indian Textile Industry (CITI), called the finalisation of the India-US trade deal a “major relief” for the textile and apparel industry.

Legal and trade experts agree. Rudra Kumar Pandey, Partner at Shardul Amarchand Mangaldas & Co., told PTI that sectors such as textiles, gems and jewellery, leather, engineering goods and auto components will benefit disproportionately, as they directly compete with Vietnam and Bangladesh in the US market.

Meanwhile, Sanjay Agarwal, Managing Director of Century Plyboards India Ltd, noted that the new trade dynamics could also help pharma, engineering and auto ancillary sectors.

India’s GDP Outlook Improves

The positive sentiment has spilled over into economic forecasts. Global investment banks have raised India’s GDP growth projections following the tariff cut announcement. Goldman Sachs, according to ANI, revised its CY26 real GDP growth forecast upward by 20 basis points to 6.9% year-on-year.

Key Exemptions Still in Place

It is also noteworthy that sectors like pharmaceuticals and consumer electronics were already exempted from Trump Tariffs, further supporting Indian exports in high-value categories.

Why This Matters Now

At a time of global trade uncertainty, the India-US trade deal offers timely relief. With lower tariffs, Indian exporters are better placed to scale up shipments, protect jobs in labour-intensive sectors, and contribute to faster economic growth—making this development crucial for India’s export-led growth strategy.

India-EU Free Trade Agreement: A Game Changer in Global Trade

The recently concluded India-EU Free Trade Agreement has emerged as one of the most significant global trade developments in recent years. While trade deals are usually assessed only from the perspective of the two signatory partners, this agreement is different. Its impact is being felt far beyond India and the European Union—especially in neighboring countries like Pakistan and Bangladesh.

As the deal moves closer to implementation, Pakistan has entered panic mode, with exporters warning of massive losses and job cuts. Industry bodies are urging their government to act fast, fearing a collapse of exports to their biggest market—the European Union.

What Is the India-EU Free Trade Agreement?

After nearly 20 years of negotiations, India and the European Union finalized a landmark trade deal with unprecedented tariff reductions:

 97% of EU goods entering India will face zero tariff

 99% of Indian goods exported to the EU will also enjoy zero tariff access

This gives Indian exporters a level playing field in one of the world’s largest and richest consumer markets.

Why Pakistan Is Worried

Pakistan is not part of the EU India FTA, but the fallout directly affects its economy—especially the textile and garment sector.

Until now, Pakistan benefited from the EU’s GSP+ (Generalised Scheme of Preferences Plus) status, which allowed zero-duty textile exports to Europe. At the same time, Indian textile exports faced around 12% tariff, making Pakistani products cheaper in the EU market.

That advantage is now gone.

 Key concerns for Pakistan:

 Loss of price advantage in EU textile market

 Indian goods now compete at zero tariff, same as Pakistan

 Higher production costs in Pakistan due to:

   Expensive electricity

   Higher taxes

   Costly raw materials

As a result, EU buyers are likely to prefer cheaper and higher-quality Indian products.

Massive Economic Stakes for Pakistan

The numbers explain the panic:

 Pakistan exports around $8.8–9 billion worth of goods to the EU

 Nearly 40% of Pakistan’s textile exports go to Europe

 Industry leaders warn of:

   Up to $9 billion export losses

   Risk to nearly 10 million jobs

The All Pakistan Textile Mills Association has already warned that the India-EU Free Trade Agreement could wipe out Pakistan’s EU market share.

Why Europe Matters So Much

The European Union is the world’s largest textile importer, buying nearly $250 billion worth of textiles annually. More importantly, it is a high-value market:

 Stable consumer demand

 Willingness to pay premium prices

 Strong focus on quality and compliance

India was unable to fully tap this market earlier due to high tariffs. Now, with zero-duty access, sectors like textiles, leather, and electronics stand to gain massively.

Bigger Than Pakistan: A Global Shift

This is not just Pakistan’s problem. Countries like Bangladesh, Vietnam, and Turkey, which earlier enjoyed preferential access, will also face tougher competition.

At a broader level, the deal reflects a strategic shift in global trade alliances, as the EU looks to diversify partners amid geopolitical uncertainties and reduced dependence on traditional allies.

The India-EU Free Trade Agreement is a turning point in global trade. For India, it opens the door to Europe’s most lucrative markets. For Pakistan, it signals the end of an era built on tariff advantages.

As competition intensifies, only countries with cost efficiency, quality production, and stable policies will survive. The message is clear: global trade rules are changing—and those who fail to adapt risk being left behind.