Prime Minister Narendra Modi on July 24 said some of India’s major sectors are set to benefit from the India-UK trade deal, which will ensure the country’s move towards becoming a global manufacturing hub.
Labour-intensive sectors such as textiles, leather & footwear, marine, gems & jewellery, organic chemicals, plastics, auto parts, artisanal products and services are set for strong growth, PM Modi said in a post on X.
Boost for farmers, fishermen, carmakers: How India-UK trade deal could fuel next phase of growth
“A new chapter begins today in the India–UK economic partnership! The signing of the Comprehensive Economic and Trade Agreement (CETA) reflects our shared commitment to enhancing trade, driving inclusive growth and creating opportunities for farmers, women, youth, MSMEs, and professionals,” he said, soon after signing the trade agreement with British Prime Minister Keir Starmer on July 24.
Moreover, the deal will add momentum to the Make in India-led growth and export promotion, PM Modi said. “This agreement will also provide Indian consumers with high-quality goods at competitive prices. The future indeed holds the promise of greater prosperity and deeper ties between our nations!”
The two countries signed an “historic” trade deal during PM Modi’s two-day visit to the UK. The deal will provide significant boost to the trade between the two countries as it gives more access to each other’s markets, with major tariff cuts on goods from textile to whiskey and cars.
The deal between the fifth and the sixth largest economies of the world seeks to hike the trade by $34 billion more by 2040. Two-way trade between the two nations stood at $21.9 billion in 2024.
With agency inputs
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
