India–UK pact aims to double trade to $112 billion by 2030: Here's who will benefit, what will become cheaper & how it will change jobs?
Key Sectors to Benefit: From Textiles to Whiskey
The agreement is set to unlock new opportunities for labour-intensive sectors in India such as textiles, leather, marine products, toys, sports goods, and gems and jewellery. At the same time, British goods such as cars and whiskey are expected to become more affordable in the Indian market thanks to reduced tariffs.
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According to the commerce ministry, the deal ensures duty-free access for 99% of Indian exports to the UK, covering nearly the entire trade basket. Fast-growing sectors like engineering goods, auto components, and organic chemicals are also poised to gain from the agreement.
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Services Sector Gets a Big Push
India's booming services sector, which includes IT, financial, legal, educational, and professional services, will receive a significant boost under the agreement. The deal also promotes digital trade, opening avenues for cross-border tech collaboration.
Notably, Indian professionals working across services, including engineers, architects, chefs, yoga instructors, and musicians, will benefit from simplified visa processes and liberalised entry categories into the UK.
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Relief on Social Security: Double Contribution Convention
India has secured a major win with the agreement on the Double Contribution Convention, which will exempt Indian professionals and their employers from UK social security contributions for up to three years. This move is expected to enhance the cost competitiveness of Indian talent in the British market.
Growing Trade Ties: A Look at the Numbers
The current bilateral trade stands at around USD 56 billion.
India's exports to the UK rose by 12.6% to USD 14.5 billion in 2024–25.
Imports from the UK stood at USD 8.6 billion, growing at 2.3%.
The trade balance remains in India's favour.
In 2023–24, overall bilateral trade reached USD 21.34 billion, up from USD 20.36 billion in 2022–23.
While the agreement has been signed, it still requires approval from the British Parliament, a process that could take up to a year. The successful conclusion of CETA negotiations was earlier announced on May 6, paving the way for this ambitious partnership.
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