Udupi: Ocean Pearl Times Square hotel inaugurated
Udupi: The Ocean Pearl Times Square hotel was inaugurated on Wednesday, September 09 at Times Square Mall, Kalsanka, in the heart of Udupi on Wednesday.
The hotel was jointly inaugurated by Vishwaprasanna Teertha Swamiji of Pejawar Mutt and Sri Vidya Prasanna Theertha Swamiji of Kukke Subrahmanya Mutt.
During the ceremony, Pejawar Swamiji blessed the hotel and praised Jayaram Banan for his significant contribution to the town of Udupi through this new venture. He expressed his wish for the hotel's success, attributing it to the grace of Lord Krishna.
Subrahmanya Swamiji added that Udupi's hospitality and food industry are well known, and the new hotel was much needed in the area.
Subrahmanya Swamiji also noted that Udupi is renowned for its food industry and hospitality and emphasized the need for such a premium hotel in the area. He commended Jayaram Banan for his hard work and dedication in creating employment opportunities for thousands of people through his efficient administration.
Bishop Dr. Gerald Isaac Lobo of the Udupi Diocese visited the venue earlier to offer his blessings and well wishes for the new hotel.
Other dignitaries including MLA Yashpal Suvarna, Sunil Kumar, BJP leaders Mattar Ratnakar Hegde and Jagadish Adhikari, along with Ocean Pearl founder Jayaram Banan. Also present were Ocean Pearl Managing Director Roshan Banan, Vice Presidents Girish and Shivakumar, General Manager Prashant Acharya, and Times Square Mall owner Dr. Jerry Vincent Dias, along with Glen Dias and Jason Dias of Mandavi Builders. Notable businessmen including Manohar Shetty, Indrali Jayakar Shetty, Ibrahim Kodi, and former MLA Raghupathi Bhatt were also part of the gathering.
The hotel boasts impressive features, including the Grand Pacific 1 hall, which can accommodate up to 2000 guests, making it ideal for weddings, conferences, and large events. The Pacific 2 hall caters to medium-sized events and can hold up to 250 guests.
With top-tier design and interiors, the hotel offers 67 luxurious rooms, including a Presidential Suite, Club Suites, Family Suite, and Deluxe Rooms. Additionally, it provides facilities such as a gym, fitness center, business lounge, and an international-standard swimming pool for swimming enthusiasts.
The hotel’s culinary offerings are also diverse, with a range of South and North Indian cuisines, Continental, and Chinese dishes served at its Coral Restaurant. Guests can also enjoy the Joss Sports Bar and the Joss Executive Lounge, making it a well-rounded hospitality destination. The variety of regional food products is another specialty that sets the hotel apart.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
