India-UK FTA to boost bilateral trade to $100 billion by 2030 and benefit exporters, say industry bodies
AI-generated image
"
Industry organisations on Tuesday welcomed the India-UK Free Trade Agreement (FTA), asserting it will significantly support Indian exporters aiming to expand their presence in the UK market, particularly in the face of current global economic uncertainties . The agreement aspires to elevate bilateral trade to USD 100 billion by 2030.Experts cited by news agency PTI emphasised that the FTA's success will hinge on effective implementation and the capacity of Indian businesses to capitalise on enhanced market access while navigating competition from UK imports.Industry leaders underscored that the FTA would provide a strong push to sectors such as fast-moving consumer goods (FMCG), healthcare, and innovation-led 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 agreement, Ficci noted, comes at a critical time when global trade dynamics remain uncertain, offering Indian exporters a valuable opportunity to strengthen their foothold in the UK.Also read: Piyush Goyal lauds India-UK Free Trade Agreement Echoing similar sentiments, Confederation of Indian Industry (CII) President Sanjiv Puri said, "This significant agreement 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," he added.Sudarshan Venu, managing director of TVS Motor Company, highlighted the deal's potential to enable Indian firms like TVS Motor to grow globally saying, "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."Rishi Shah, partner and economic advisory services leader at 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, added,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."Also read: India, UK forge Free Trade Agreement, PM Modi terms it 'historic milestone' The trade deal removes customs duties on 99 per cent of Indian goods entering British markets, whilst providing opportunities for Indian professionals to work in Britain, maintaining the UK's current points-based immigration system. The United Kingdom and India, ranking as the world's sixth and fifth-largest economies, concluded their negotiations after three years of periodic talks.The bilateral trade between India and the UK increased to $21.34 billion in 2023-24, up from $20.36 billion in 2022-23. During April-January 2024-25, the trade exchange amounted to $21.33 billion, exceeding the previous period's figure of $20.26 billion. India continues to maintain a positive trade balance in this bilateral relationship.According to government representatives, this trade arrangement is advantageous for both nations. The agreement is expected to enable Indian consumers to access superior products at competitive prices, which would boost domestic consumption and economic development. Additionally, it provides British enterprises with opportunities in India's large and growing marketplace, aligning with the UK government's economic growth strategies, according to officials.Read more: What does the UK-India FTA mean for India? Top benefits - from cheaper cars, whisky to cheer for Indian professionals
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
8 minutes ago
- Economic Times
Meet Radhika Subramaniam, India's first AI travel influencer who speaks Tamil and English, and is always on a holiday break
Tired of too many ads? Remove Ads Focus on Gen Z and cultural narratives Creator aims to build deeper audience connection What is an AI travel influencer? Germany launched a similar avatar in 2023 Engagement potential for brands A media company has created a travel influencer who never needs a passport, never takes a break — and yet is always on one. Collective Artists Network has introduced Radhika Subramaniam , a bilingual AI-generated personality who speaks both Tamil and English. Designed to travel across India and share stories rooted in culture and identity, Radhika is India's first virtual travel influencer built entirely by artificial follows the earlier introduction of Kavya, a millennial-focused AI influencer who promotes aspirational and luxury content. In contrast, Radhika is positioned as a solo traveller representing Gen Z values, with a backstory that includes leaving a secure corporate job to travel across the new virtual personality , Vijay Subramaniam, Founder and Group CEO of Collective Artists Network, said, 'Radhika feels like someone we all know, that one friend who took the leap and actually went on the trip. She's thoughtful, independent, and interested in the world around her. With her, we wanted to build more than just a new kind of influencer — we wanted to create someone who could tell stories with heart, and make people feel seen.'An AI travel influencer is a computer-generated personality created using artificial intelligence tools such as generative design, machine learning, and natural language processing. These virtual characters are built with specific personalities, backstories, and communication styles, allowing them to post on social media, interact with users, and promote destinations or products—just like human influencers. AI influencers can be tailored for different audiences and are always available to produce consistent content without real-world is not alone in exploring this space. In 2023, the German National Tourist Board introduced Emma, an AI-generated travel ambassador created to promote tourism in Germany. Emma is portrayed as a young, enthusiastic traveller fluent in 20 languages, including English in a British accent. She was launched through a video campaign and described as an 'innovative, interactive brand ambassador' designed to engage global audiences to the company, the storytelling ability of Radhika sets her apart in the influencer space. Sudeep Subhash, Chief Revenue Officer at Collective Artists Network and CEO of Big Bang Social, said, 'There's a warmth to Radhika that's hard to fake. She's not just spitting out trends or trying to be viral — she actually gets the context. For brands, that's gold. You get someone who's always on, always in sync with your voice — but also genuinely engaging for the audience. That kind of storytelling at scale is really exciting.'
&w=3840&q=100)
Business Standard
9 minutes ago
- Business Standard
AC industry to adopt temperature norms at no extra cost, seeks six months
Implementation will require manufacturers to reprogram devices or deploy software to comply with the revised temperature settings Press Trust of India New Delhi The air-conditioning industry will comply with the new temperature standardisation announced by the government within a couple of months, including resetting its inventory, without passing any additional costs to consumers. Leading room-air conditioner (RAC) makers such as Voltas, LG Electronics, Blue Star and Haier have welcomed the move and said the move will not only help the industry to grow sustainably by saving energy, but also optimise energy consumption, reduce grid load in peak summers and also extend the lifespan of the units. On Tuesday, Power Minister Manohar Lal Khattar said the government is working on a framework to standardise the default temperatures of air conditioners, including those in automobiles, in the range of 20 to 28 degrees Celsius. The industry will have to go for some minor modifications in the designs and settings of the remote control and its firmware (software embedded into hardware devices) for its implementation and needs up to six months for its implementation. Voltas MD Designate Mukundan Menon said the decision to standardise the operating temperature range of Room Air Conditioners (RACs) between 20 to 28 degrees Celsius, is a welcome step towards smarter, sustainable cooling. "This aligns with India's broader energy efficiency goals and the Bureau of Energy Efficiency's (BEE) commitment to promoting responsible energy use," he said. However, implementation will require manufacturers to reprogram devices or deploy software to comply with the revised temperature settings. "The government has indicated that compliance will be monitored, though specific enforcement timelines are yet to be announced. At Voltas, we are ready to support this transition and remain committed to delivering efficient cooling solutions to Indian households, he said. Blue Star Managing Director B Thiagarajan said the issue of over-cooling had been under discussion for a long time. "The industry is very comfortable in implementing it. The question is that the remote firmware has to be changed and inventory has to be managed on a cut-off date," he said adding, "It is a simple job. So, there is no problem." According to Thiagarajan, a lower temperature does not necessarily make a human being feel comfortable. It depends on air circulation and humidity control to make a human being comfortable. Haier Appliances India President NS Satish said "this will have economic benefits to the country and environmentally also, as less power means a lower carbon Footprint," he said, adding for consumers, lower power consumption means electricity saving, which will put a little extra money into their pockets. With over 10 crore ACs in use and an additional 1.5 crore added annually, it is imperative to take decisive initiative to curb excessive energy consumption, especially during India's scorching summer months, he said. Voltas MD & CEO Pradeep Bakshi said: "It's a win-win situation for the public, government, everybody, for the nation. It's a good move by the government." When asked about the required time frame by the industry to implement the changes, he said this can be achieved in the next two to three months. "We have stocks and raw materials. So, now we will have to change the design a little bit and convert. So, in a couple of months, they will be able to achieve," he said, adding this also does not require "any cost involvement". LG Electronics India Spokesperson said this is a "progressive step" and places India among a select group of nations committed to responsible energy use. "The regulation brings a threefold benefit -- enhancing product longevity and performance, promoting environmental sustainability through improved energy efficiency, and supporting the health and well-being of consumers by encouraging optimal temperature settings. We believe this move will drive greater awareness and adoption of energy-conscious practices among users," he said. The Indian room air-conditioner market is one of the fastest growing markets globally, in which over 12 to 15 companies compete. The market is estimated to be around 15 million units. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
11 minutes ago
- Mint
SunCrypto Launches Crypto Futures Trading: Empowering Indian Investors with More Control, Higher Potential
India has long been a thriving hub for financial markets, from stocks and commodities to forex trading. Futures trading, in particular, has witnessed tremendous participation from Indian traders in these sectors. However, when it comes to crypto futures trading, Indian users have faced significant roadblocks — primarily due to the inaccessibility of advanced trading features and the limitation of trading only in USDT pairs. This has kept a large section of potential crypto futures traders on the sidelines. At SunCrypto, they decided to change that! With a mission to make futures trading simple, powerful, and accessible for all, SunCrypto is proud to announce the launch of Crypto Futures Trading on SunCrypto with 500+ trading pairs in both INR & USDT — a robust platform tailored for both beginners and seasoned traders in India. SunCrypto's Crypto Futures Trading: SunCrypto's Futures Trading feature allows users to amplify their trading power with leverage up to 100x. This means traders can open large positions with a relatively small amount of capital. Whether it's Bitcoin, Ethereum, or over 500+ trading pairs, users can now benefit from both upward and downward market trends, without owning the actual asset. With this, a trader with ₹ 1,000 can potentially control a trade worth ₹ 1,00,000, multiplying the opportunity to earn higher profits. At the same time, SunCrypto's advanced tools, such as Stop Loss (SL) and Take Profit (TP) empower users to manage risk smartly. SunCrypto's Crypto Futures Trading Meanwhile, one of the biggest pain points for Indian crypto traders has been the need to convert INR to USDT or other stable coins before trading. SunCrypto solves this with seamless INR trading support, offering direct INR pairs in Futures. Users can trade in INR or opt for USDT pairs, without needing to manually deposit USDT. If needed, the app auto-converts INR to USDT instantly, ensuring a smooth user experience. This unique feature sets SunCrypto apart, especially for Indian users who prefer a simplified trading journey with minimal steps and full transparency. While crypto futures trading is often seen as complex, SunCrypto has simplified the entire process, making it beginner-friendly while still offering tools that advanced traders expect. The platform currently supports Isolated Margin, limiting the user's risk to just the amount used in a specific position, making it a safer entry point for newcomers. Additionally, traders can choose from various order types like Market, Limit, Stop Market, and Stop Limit, giving them complete control over their strategies. The real-time charts, intuitive dashboard, and one-click access to trading pairs allow users to make informed decisions with speed and confidence. Launched with the vision of making India 'crypto-ready,' SunCrypto, India's Leading & FIU-IND registered crypto trading platform, has quickly grown to become one of the top 3 crypto exchanges in India, with over 2.5 million users and $50 million in assets under management (AUM). The platform's founders, Mr. Umesh Kumar (CEO) and Mr. Pramod Yadav (CTO), built SunCrypto to solve real problems for the Indian crypto community, starting with Spot trading INR pairs, Crypto SIP, Crypto Staking, Algo trading, OTC Services, and now expanding into powerful trading functionalities like Futures. You can download SunCrypto Application from both Google Play Store and iOS App Store. The launch of Crypto Futures Trading is just the beginning. SunCrypto has an ambitious roadmap ahead, which includes adding Cross Margin support, advanced analytics tools like One-Click Reverse, and even AI-driven trading insights in future updates. As the crypto space continues to grow globally, SunCrypto is positioning itself as India's homegrown gateway to the global crypto economy, empowering its users not just to invest—but to lead. Disclaimer: Crypto assets are unregulated and subject to high risk. Please do your own research before investing. Note To Readers: Readers are advised that Crypto products and NFTs are unregulated and involve significant risks. There may be no regulatory recourse for losses arising from such transactions. Hindustan Times/HTDS shall not, in any manner, be responsible or liable for the content of the article, advertisement, including the views, opinions, announcements, declarations, or affirmations expressed therein and is absolved from any legal action or enforceable claims. This content is for informational and awareness purposes only and does not constitute financial advice." Want to get your story featured as above? click here!
