The India-United Kingdom Free Trade Agreement (FTA) recently concluded is seen as a significant development that is set to benefit Indian businesses of all sizes. The Indian Merchants’ Chamber (IMC) President, Prof. Mahendra Kumar Chouhan, hailed the FTA as a historic move that will enhance India’s export landscape, offering opportunities in manufacturing and services while promoting inclusive exports. Chouhan emphasized that the FTA will open doors for businesses of various scales and sectors to access the UK market, not just benefiting large corporations but also aiding medium-sized enterprises and MSMEs in expanding globally.
The agreement is expected to democratize exports, allowing different industries to tap into the UK market. Sectors like textiles, gems and jewelry, leather goods, information technology, professional services, and labor-intensive industries are anticipated to gain significantly from this pact. Chouhan highlighted India’s expertise in diamond cutting and polishing, which gives it a competitive edge in the gems and jewelry sector. Additionally, India’s skilled workforce in IT, fintech, financial services, and software engineering is well-positioned to expand internationally through improved access to the UK market.
Chouhan emphasized that India’s cost-effective production combined with access to the high-income UK consumer market will enable domestic companies to realize better value for their products and services, enhancing their global competitiveness. He also pointed out the success of aerospace startup Skyroot Aerospace as an example of India’s growing indigenous technological capabilities, showcasing the country’s focus on research, innovation, and domestic technology development. The achievement of young Indian engineers and entrepreneurs at Skyroot Aerospace highlights the nation’s talent pool and should inspire more industries to invest in homegrown technologies and locally developed components.
