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Time of India
5 days ago
- Business
- Time of India
Industry welcomes India-UK trade pact
Ludhiana: The recently signed India-UK FTA, officially known as the Comprehensive Economic and Trade Agreement (CETA), has been welcomed as a transformative development for Punjab's industrial landscape by key industry leaders in the region. Upkar Singh Ahuja, president of the Chamber of Industrial and Commercial Undertakings, said, "This agreement is a transformative opportunity for Punjab's industrial and economic landscape." He emphasised that it will allow Punjab-based exporters to gain a competitive edge through reduced tariffs and improved market access, leading to a significant increase in exports. "It paves the way for technology exchange, skill development, and joint ventures, particularly MSMEs," he said. Echoing similar sentiments, Pankaj Sharma, president of the Association of Trade & Industrial Undertakings, hailed the pact as a "historic development" that will reshape India-UK trade relations over the next five years. "This landmark pact will double India-UK trade by eliminating tariffs on 99% of Indian exports," Sharma said, adding that labour-intensive sectors such as textiles, garments, footwear, and jewellery would gain the most. Pointing out the implications for Punjab specifically, Sharma said cities like Ludhiana, home to a vast network of textile and hosiery units, and Jalandhar renowned for its sports goods industry, stand to benefit directly. "Zero tariffs on textile exports will allow our manufacturers to compete on equal footing with countries like Pakistan, Bangladesh, and Cambodia," he added. The agreement also grants tariff exemptions on exports of basmati rice, fruits, and cotton, major agricultural commodities from Punjab, thus promising a boost for farmers and agro-industries. Sharma further added that the FTA would open up new horizons for young entrepreneurs, especially those working in emerging sectors and advanced manufacturing technologies. BOX BOOST TO BIZ TIES By providing duty-free access to the UK market for key products such as textiles, auto components, tractor parts, and sports goods, including soccer balls, cricket gear, and non-electronic toys, as well as packaged food and vegetables, the FTA will strengthen our manufacturing sectors, known globally for quality and innovation Upkar Singh Ahuja, president, Chamber of Industrial and Commercial Undertakings This landmark pact will double India-UK trade by eliminating tariffs on 99% of Indian exports. Labour-intensive sectors such as textiles, garments, footwear, and jewellery will gain the most Pankaj Sharma, president, Association of Trade & Industrial Undertakings
Time of India
11-07-2025
- Business
- Time of India
Industrialists seek govt support to go green
Ludhiana: A delegation from the city met Union minister of commerce and industry Piyush Goyal . Led by Pankaj Sharma, president, Association of Trade & Industrial Undertakings, the delegation raised several concerns related to bicycle, bicycle parts, and e-rickshaw manufacturing industries. Sharma drew the minister's attention to the mounting difficulties being faced by these industries as they attempt to shift towards cleaner technologies such as e-bikes and e-rickshaws. He said that while the sector is ready for the transition, the pace has been slow due to lack of timely government support, incentives, and institutional handholding. This delay, he pointed out, is not only hindering growth but also putting small and medium enterprises at risk of obsolescence. Calling for stronger government intervention, Sharma urged the minister to revive key financial and modernisation schemes that had previously benefited the MSME sector. These include Production-Linked Incentive (PLI) Scheme, Credit Linked Capital Subsidy Scheme (CLCSS), and the Technology Upgradation Fund Scheme (TUFS). He said that bringing these schemes back, with necessary modifications to meet the sector's current needs, would empower small manufacturers and give them the confidence to invest in new technologies and production lines. Sharma also demanded installation of high-end machinery for inspection and testing of auto components, which is essential for enhancing global competitiveness. Minister Piyush Goyal assured the delegation that the government was fully committed to strengthening India's MSMEs and supporting the light engineering sector, especially in its transition towards cleaner technologies like e-bikes and e-rickshaws. He said that the government would ensure that the necessary infrastructure, testing facilities, and financial assistance were made available to help these industries grow and compete globally.
