‘Transformative, forward-looking’: Industry leaders hail India-UK FTA

Calling it a “historic” moment in bilateral ties, Prime Minister Narendra Modi on Thursday (July 24) welcomed the signing of the India-UK free trade agreement (FTA), which promises to unlock new opportunities across sectors, from agriculture and manufacturing to technology and defence.Signed in the presence of both leaders by Commerce Minister Piyush Goyal and UK Secretary of State Jonathan Reynold, the agreement marks a major turning point in India-UK economic relations.The deal is expected to increase bilateral trade by around $34 billion annually and will provide tariff-free access to 99% of Indian exports.Officials noted that the pact would cut duties on a wide array of British goods such as whisky and automobiles, while significantly boosting Indian exports in textiles, engineering, seafood, and processed food.The industry has enthusiastically welcomed the FTA. Praveen Someshwar, MD & CEO of Diageo India, described the deal as a breakthrough that will enhance the accessibility of premium Scotch whisky in India, reigniting growth and offering greater choice for Indian consumers.Also Read: India-UK FTA to help Indian textiles and leather gain ground over Pakistan and BangladeshFor Indian businesses, the deal is seen as forward-looking.Bharti Enterprises Chairman Sunil Bharti Mittal said, “Indian industry welcomes the FTA with great optimism,” highlighting that it lays the groundwork for expanded cooperation across high-growth sectors, stimulates innovation, and improves market access. He added that both sides stand to gain tremendously from what he called a “modern, forward-looking partnership.”Echoing the sentiment, CII Director General Chandrajit Banerjee called the agreement a defining moment, saying it reflects a shared commitment to inclusive growth, resilience, and industrial transformation. He emphasised that the FTA sets the stage for stronger regulatory cooperation and next-generation partnerships between Indian and UK businesses.Vedanta Group Chairman Anil Agarwal praised the hard work that went into sealing the deal, calling it a “great achievement” and noting that it has the potential to boost trade by at least $20 billion. He congratulated both prime ministers, acknowledging that the agreement had not been an easy task, PTI stated.
VIDEO | London: As India and the UK sign a Free Trade Agreement, Vedanta Group Chairman Anil Agarwal (@AnilAgarwal_Ved) says, “The signing of the FTA is a great achievement for both the UK and India. A lot of hard work has gone into this. I congratulate Prime Minister Narendra… pic.twitter.com/EiTe5SAXvh
— Press Trust of India (@PTI_News) July 24, 2025The trade pact also resonates with broader strategic goals.Dr Anish Shah, Group CEO & MD of Mahindra Group, called the agreement “a transformative moment” that aligns closely with India’s vision of building resilient supply chains, investing in frontier technologies, and advancing a low-carbon economy. He said it was not just a win for trade, but a blueprint for a values-led, sustainable partnership.Also Read: Two interesting developments related to India’s bilateral investment treatiesThe free trade pact has also drawn praise from international businesses. Rolls-Royce CEO Tufan Erginbilgic welcomed the FTA as a landmark in bilateral cooperation, particularly in defence, technology, and innovation. With Rolls-Royce expanding aerospace capabilities in India, he said the agreement would support co-development of power and propulsion technologies, leading to job creation, technological advancement, and manufacturing growth.A Jaguar Land Rover spokesperson said the company welcomes the UK-India free trade agreement, which is expected to gradually ease tariff barriers for JLR’s luxury vehicles in the Indian market. “India is a key market for our British-built products and holds strong potential for future growth,” the spokesperson added.In response to a follow-up on pricing, the company clarified that no decisions have been made yet.Also Read: PM Modi calls India-UK FTA ‘historic’, invites Starmer for visit

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