New Delhi, May 6 (PTI) Industry bodies on Tuesday said the India-UK FTA amid the current uncertain global environment will immensely benefit Indian exporters looking to enhance their presence in the UK market, steering bilateral trade towards the ambitious target of USD 100 billion by 2030.
According to experts, the deal's success will ultimately depend on implementation and whether Indian businesses can leverage new market access while navigating competitive pressures from UK imports.
They stressed that the free trade agreement (FTA) will impact new momentum to sectors like FMCG, healthcare, and innovation-driven enterprises.
Ficci President Harsha Vardhan Agarwal said, "Guided by Prime Minister Modi's bold and strategic leadership, this milestone reflects India's growing stature as a global economic force and a trusted partner in progress."
The India-UK FTA underscores the need for enhanced trade and investment opportunities amidst the current global trade environment that is faced with uncertainties. This deal will be immensely beneficial for Indian exporters looking to enhance their presence in the UK market, Ficci said.
CII President Sanjiv Puri said this transformative accord "reflects our shared commitment to deepening economic ties, bolstering technology collaboration, diversifying global supply chains, and fostering a more business-friendly environment".
"Guided by the 2030 roadmap, the timely agreement will help advance a comprehensive strategic partnership between India and the UK, steering bilateral trade towards the ambitious target of USD 100 billion by 2030," Puri said.
Commenting on the deal, TVS Motor Company MD Sudarshan Venu said it creates large opportunities for Indian companies like TVS Motor to expand further and access new markets.
"We really appreciate the effort taken by the government to make this historic India-UK Free Trade Agreement. Our British brand Norton will launch later this year and this agreement will help us scale faster and leverage common supply chains. We are excited as we further progress towards Viksit Bharat," he added.
Rishi Shah, Partner and Economic Advisory Services Leader, Grant Thornton Bharat, said, "The UK-India FTA... promises significant growth in bilateral trade... The deal's success will ultimately depend on implementation and whether Indian businesses can leverage new market access while navigating competitive pressures from UK imports."
Mayank Jain, Partner at Khaitan & Co, said, "The substantial duty reductions across various tariff lines are expected to enhance market access and foster long-term economic benefits for both nations. Moving forward, the emphasis should be on implementing best practices and adopting a phased approach to further strengthen and deepen trade relations."