India-UK Trade Deal: A Major Achievement
India Offers Its Best Deal Ever
The Free Trade Agreement (FTA) with India gives Britain a strong advantage in advanced manufacturing. UK Business and Trade Secretary Jonathan Reynolds announced this in the House of Commons recently.
A Big Economic Boost
Reynolds stated that the FTA is a major economic win for the UK. He mentioned that it’s the best deal India has ever offered. This agreement puts the UK ahead in areas like automotive and machinery.
India is known for protecting its economy. However, it is also the world’s fastest-growing large economy. This deal opens up many opportunities for goods, services, and regions like the West Midlands.
Increasing Trade and GDP
The UK government believes this deal could increase trade by £25.5 billion each year in the long term. The Department for Business and Trade (DBT) expects GDP to grow by £4.8 billion. Wages could also rise by £2.2 billion per year over the next decade.
UK-India Week Approaching
The discussion in Parliament took place just before UK-India Week. This event is part of the India Global Forum (IGF) summit in London. Minister of Commerce and Industry Piyush Goyal will be a key speaker.
India Meets Britain Tracker
UK-India Week will also launch the 2025 ‘India Meets Britain Tracker’. This is an annual report by Grant Thornton and the Confederation of Indian Industry (CII). It tracks investment flows from India to the UK.
Anuj Chande from Grant Thornton said Indian companies are vital to the UK’s growth. They create jobs and drive innovation. This year’s tracker shows their growing diversity, scale, and resilience.
Changing Global Economies
Manoj Ladwa, founder of India Global Forum, said Indian businesses are not just investing abroad. They are transforming global economies.
Last year’s report showed a record 971 Indian-owned companies in the UK. This number keeps growing. With India and the UK as the fourth and sixth largest economies, the FTA is a key part of one of the world’s most important investment corridors.
