Will PM Modi’s UK visit be a historic milestone?
Click to start listening
Synopsis
Union Commerce Minister Piyush Goyal emphasizes the lasting significance of PM Modi’s UK visit, marking a pivotal moment in India-UK relations with discussions on trade, investment, and collaboration in key sectors. The implications of the FTA are set to reshape economic ties and enhance opportunities for Indian businesses.
Key Takeaways
- Historic bilateral discussions between PM Modi and UK leaders.
- India-UK Free Trade Agreement (FTA) set to reshape trade dynamics.
- Increased investment flows and business opportunities anticipated.
- Enhanced access for Indian services sector to UK markets.
- Significant exemptions for Indian professionals under the Double Contribution Convention.
London, July 24 (NationPress) Union Commerce Minister Piyush Goyal stated that Prime Minister Narendra Modi’s recent visit to the UK will leave a lasting impression for years to come. He noted that in a brief timeframe, PM Modi engaged in meaningful dialogues with British Prime Minister Keir Starmer.
During an interview with IANS, Goyal highlighted the extensive range of discussions that took place, including topics such as trade, investment, export controls, defense collaboration, and potential partnerships in artificial intelligence (AI).
Regarding the historic India-UK Free Trade Agreement (FTA), the Union Minister remarked, "While it may take several months to fully implement, businesses can now proceed with the knowledge that this agreement is forthcoming."
“As a result, companies are expected to incorporate India into their supply chains, develop products, place orders, and maintain quality—initiatives that will commence shortly. This newfound certainty will also attract investments,” Goyal explained.
This agreement is anticipated to enhance industries beyond traditional sectors, including engineering goods, electronics, pharmaceuticals, chemicals, plastics, and food processing, all essential to India's manufacturing landscape. Additionally, it will make premium UK products more accessible to Indian consumers.
Furthermore, the services sector, a crucial component of India’s economy, is poised to benefit from improved access to UK markets in fields such as IT, finance, education, and legal services. Streamlined visa regulations and more flexible entry standards will facilitate entry for Indian chefs, yoga instructors, musicians, business travelers, and professionals from various sectors, according to Goyal.
A noteworthy aspect of the agreement is the Double Contribution Convention, which allows Indian professionals and their employers to be exempt from paying social security contributions in the UK for three years.
Goyal described this as a “significant breakthrough” that boosts the cost competitiveness of Indian talent abroad. The agreement also paves the way for Indian startups to connect with UK investors and innovation centers, thus broadening their global reach.
Point of View
The recent visit of PM Modi to the UK signifies a crucial step in enhancing bilateral relations between the two nations. The discussions surrounding trade and investment are aligned with India's broader economic strategy to engage more deeply with global markets. The expected outcomes from the India-UK Free Trade Agreement could potentially reshape sectors critical to India's growth, reflecting a commitment to fostering international partnerships that benefit both countries.
NationPress
26/07/2025
Frequently Asked Questions
What was the main focus of PM Modi's visit to the UK?
The primary focus was on enhancing bilateral relations through discussions on trade, investment, and collaboration in sectors like AI and defense.
What is the significance of the India-UK Free Trade Agreement?
The FTA is expected to boost various industries, including engineering, electronics, and pharmaceuticals, while providing Indian consumers access to affordable UK goods.
How will the agreement benefit Indian professionals?
It includes a Double Contribution Convention, exempting Indian professionals from social security contributions in the UK for three years, enhancing their cost competitiveness.
What opportunities does this visit create for Indian startups?
The visit opens doors for Indian startups to access UK investors and innovation hubs, facilitating their expansion into global markets.
What changes are expected in visa regulations?
The agreement aims to simplify visa rules and entry norms for Indian professionals across various sectors, making it easier to work in the UK.
