'Golden opportunity': Assocham hails India-UK trade deal, calls it a turning point for private firms
A top industry leader has called it a "golden opportunity" for the private sector to drive growth in key areas like pharmaceuticals, electronics, and auto components.
Sanjay Nayar, president of ASSOCHAM and founder-chairman of the Sorin Investment Fund, said the India-UK Comprehensive Economic Trade Agreement (CETA) could help double the country's exports to Britain in the next six years if implemented effectively.
"India needs to grow exports beyond services into goods and trade. This agreement provides a huge opportunity," Nayar told news agency ANI in an interview.
He said the deal gives the nation a 'clear path' to expand its reach in sectors such as pharmaceuticals and electronics.
The ambitious goal under the pact is to push bilateral trade to $120 billion by 2030, a major jump from current levels.
Stronger market access
What makes this trade agreement stand out is its wide scope. It covers not only tariff reductions but also liberalisation of services, easier investment procedures, improved professional mobility, and even access to public procurement in the UK.
'This FTA opens up UK public procurement infrastructure for Indian IT companies, construction firms, and medical sector businesses,' Nayar explained.
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'Indian companies can now bid for government contracts across these sectors.'
One of the long-standing concerns for professionals has also been addressed. The deal resolves double taxation issues, potentially saving around $500 million that would otherwise be lost due to overlapping contributions by employers and employees.
'This benefits mobility of our professionals big time,' Nayar said, noting that the move would make it easier and more appealing for Indian talent to take up opportunities in the UK.
Private sector must step up
While acknowledging the strong groundwork laid by the government during negotiations, Nayar said the ball is now in the private sector's court.
'The government has done most of the heavy lifting. Now the private sector needs to focus on how to capitalise on this and convert it into real exports.'
Nayar also urged companies to take full advantage of the new frameworks and market access, warning that success will depend on how well they execute their expansion strategies under the trade pact.
The CETA is expected to benefit multiple sectors and create a more predictable environment for firms looking to expand in the UK.
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