India-UK FTA: A New Era for Indian Exports

The recently signed India-UK Free Trade Agreement is seen as a lucrative opportunity for Indian private sectors to expand into developed markets. Sanjay Nayar, President of ASSOCHAM, emphasizes the need for Indian companies to prioritize quality and compliance to fully capitalize on this agreement's reduced tariffs.

The signing of the India-UK Free Trade Agreement (FTA) marks a significant opportunity for Indian industries to penetrate developed markets, asserts Sanjay Nayar, President of ASSOCHAM. He emphasizes the need for the private sector to capitalize on the groundwork laid by the government and focus on enhancing exports.

Nayar highlights the importance of transitioning from cost-based competition to prioritizing quality, innovation, and compliance with global standards. The FTA, which reduces tariffs on 99% of goods, offers a level playing field but requires strategic shifts to succeed in demanding markets like the UK.

Targeted sectors such as defense startups, med-tech, and agro-tech are expected to benefit the most. However, Nayar warns of the challenges, including logistic costs and investment in compliance, that Indian companies face in adapting to stringent developed market standards.

(With inputs from agencies.)