‘New era of export growth’: How India Inc reacted to signing of India-UK trade deal

PM Modi’s delegation to the UK included 16 Indian industry leaders, who met their UK counterparts to discuss key issues

Indian companies and industry leader hailed the signing of free trade agreement between India and the UK on July 24, saying the pact could usher in a new era of export growth and mutual prosperity.

Prime Minister Narendra Modi signed the trade deal with his British counterpart Keir Starmer during the former’s two-day visit to the UK, where key talks over Pahalgam attack and other global issues were also discussed.

Sunil Bharti Mittal, Chairman of Bharti Enterprises and co-chair of the India-UK CEO Forum, said the deal will create a modern, forward-looking” partnership that will stimulate innovation, ease market access, and foster investment.

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“Businesses in India as well as the UK stand to gain tremendously, as it lays the groundwork for scaling up bilateral cooperation across key growth sectors,” Mittal said in a statement.

PM Modi’s delegation to the UK included 16 industry leaders, including Mittal. “The business delegation’s presence underscored the strong collaboration between government and industry in advancing India-UK economic ties,” the Confederation of Indian Industry said in a statement, adding that meetings on key issues were held with British policymakers and top executives.

CII’s Director General Chandrajit Banerjee said the trade deal is a “defining moment” in the bilateral relationship and reflects a shared commitment to growth and industrial transformation.

“It creates a strong foundation for deeper market access, regulatory cooperation, and next-generation partnerships between Indian and UK businesses,” he said.

Tata Steel, which has significant business interest in the UK, hailed the trade deal.

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"This milestone significantly deepens the economic and strategic partnership between the two nations, while giving a timely boost to India’s manufacturing ambitions," said Tata Steel CEO and MD TV Narendran.

Ajay Piramal, chairman and Executive director at Piramal Enterprises, said the deal is a “catalyst” for job creation and building a future-ready workforce. “For the Indian industry, it represents a meaningful step toward inclusive, sustainable economic growth with global partnerships at its core.”

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Sudarshan Venu, managing director, TVS Motor Company termed the signing of the pact a “pivotal moment” that opens new frontiers for Indians goods. “We are particularly excited given the launch of new Norton vehicles this year, which will benefit from the strengthening of trade links between India and the UK.”

Rolls-Royce CEO Tufan Erginbilgic said the agreement comes at a time when the company is growing its aerospace capabilities in India and the deal will further unlock new job opportunities.

“Rolls-Royce is growing its aerospace capabilities in India, and we look forward to working with Indian partners to co-develop power and propulsion technologies for India and the world, building on 60 years of successful technology transfer. This will unlock benefits of job creation, technology development and manufacturing growth.”

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Anil Agarwal, chairman, Vedanta Ltd, called the signing of the deal a win-win for both nations, saying it will create more jobs and boost economic activity.

Prashant Ruia, group chief executive, Essar Group called the agreement a “watershed moment" in India–UK economic relations. "By lowering tariffs, easing market access, and deepening services and investment flows, this landmark deal unlocks immense potential for both economies,” Ruia said.

Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council, said the deal will strengthen India's position as a global hub for gems and jewellery. "I truly believe it will usher in a new era of export growth and mutual prosperity."

In the last few years, the trade balance between the two countries has been in India’s favour, with the goal of doubling bilateral trade to $120 billion by 2030. As of now, there are over 970 Indian companies operating in the UK, paying nearly £1.17 billion in corporation tax and providing employment to over 1.1 million people.