'Golden opportunity': Assocham hails India-UK trade deal, calls it a turning point for private firms
A top industry leader has called it a "golden opportunity" for the private sector to drive growth in key areas like pharmaceuticals, electronics, and auto components.
Sanjay Nayar, president of ASSOCHAM and founder-chairman of the Sorin Investment Fund, said the India-UK Comprehensive Economic Trade Agreement (CETA) could help double the country's exports to Britain in the next six years if implemented effectively.
"India needs to grow exports beyond services into goods and trade. This agreement provides a huge opportunity," Nayar told news agency ANI in an interview.
He said the deal gives the nation a 'clear path' to expand its reach in sectors such as pharmaceuticals and electronics.
The ambitious goal under the pact is to push bilateral trade to $120 billion by 2030, a major jump from current levels.
Stronger market access
What makes this trade agreement stand out is its wide scope. It covers not only tariff reductions but also liberalisation of services, easier investment procedures, improved professional mobility, and even access to public procurement in the UK.
'This FTA opens up UK public procurement infrastructure for Indian IT companies, construction firms, and medical sector businesses,' Nayar explained.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Free P2,000 GCash eGift
UnionBank Credit Card
Apply Now
Undo
'Indian companies can now bid for government contracts across these sectors.'
One of the long-standing concerns for professionals has also been addressed. The deal resolves double taxation issues, potentially saving around $500 million that would otherwise be lost due to overlapping contributions by employers and employees.
'This benefits mobility of our professionals big time,' Nayar said, noting that the move would make it easier and more appealing for Indian talent to take up opportunities in the UK.
Private sector must step up
While acknowledging the strong groundwork laid by the government during negotiations, Nayar said the ball is now in the private sector's court.
'The government has done most of the heavy lifting. Now the private sector needs to focus on how to capitalise on this and convert it into real exports.'
Nayar also urged companies to take full advantage of the new frameworks and market access, warning that success will depend on how well they execute their expansion strategies under the trade pact.
The CETA is expected to benefit multiple sectors and create a more predictable environment for firms looking to expand in the UK.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
10 minutes ago
- Indian Express
UT schools to observe half-day schedule, special assembly today
In remembrance of the martyrdom of Shaheed Udham Singh, all government, government-aided, Central government, and private recognised schools in UT Chandigarh will observe a half-day academic schedule on July 31. As per the instructions issued by the UT Education Department, regular classes will conclude early, followed by a one-hour special school assembly dedicated to honouring the life and legacy of Shaheed Udham Singh, who laid down his life in the fight against colonial rule for the nation's freedom. In the morning session, school classes will be held till 11:00 am, followed by the special assembly from 11:00 am till 12:00 noon. For evening session schools, classes will be held till 3:00 pm, followed by the special assembly from 3:00 pm to 4:00 pm. UT Administrator Gulab Chand Kataria stated, 'Shaheed Udham Singh's fearless act of justice serves as a powerful reminder of the sacrifices that laid the foundation of our nation. On this day, special assemblies will be held across schools to honour his legacy, not only to pay tribute, but to inspire every child with the values of courage, patriotism, and integrity. Through these tributes, we aim to connect students with the spirit of India's freedom struggle and the responsibilities that come with living in a free and democratic society.' This initiative aims to inspire young minds with the values upheld by one of India's bravest freedom fighters and to deepen their connection with the spirit of the Indian freedom movement.
Hindustan Times
12 minutes ago
- Hindustan Times
Kharge calls INDIA bloc meeting to discuss voter roll revision in House
New Delhi: Opposition's INDIA group will sharpen its focus on the Election Commission's Special Intensive Review (SIR) of electoral rolls, will insist on a debate and might also make a comprehensive protest plan over the issue after Parliament finished discussing Operation Sindoor in both Houses. Rajya Sabha LoP Mallikarjun Kharge speaks during the discussion on Operation Sindoor in the Rajya Sabha. (ANI PHOTO) INDIA group has called a meeting of its floor leaders of 24 parties on Thursday to evolve a common strategy on the issue. Congress president and Rajya Sabha's Leader of the Opposition Mallikarjun Kharge will chair the meeting. In the Rajya Sabha, both Leader of the Opposition Mallikarjun Kharge and Trinamool Congress floor leader Derek O'Brien demanded a debate on SIR. O'Brien reminded deputy chairman Harivansh that there are two more weeks left in the ongoing monsoon session and a debate on SIR can be organized. Kharge sought Chair's assurance when the debate on SIR will start and reminded Harivansh that since the beginning of the session, the Opposition's efforts had been to debate SIR. Later, talking to HT, Kharge said, 'Our top issue now is SIR. We want a debate on SIR and will make a plan on how the issue can be highlighted.' Kharge also didn't rule out protests but indicated that any rally or Opposition march might not happen in the short term. Demanding a debate on SIR, Kharge also told HT, 'The EC has announced it would do SIR in other states too. Notification has been issued in some states. This is a clear plan to not allow a large section of voters to vote.' INDIA group– which has 24 parties in Parliament, had met on July 19 to strategize for the monsoon session of Parliament. During the meeting, Pahalgam terror attack, Operation Sindoor and SIR were picked up by leaders as top issues. 'Now that the Operation Sindoor/ Pahalgam debate is over in Parliament, our focus will sharpen on SIR,' said an Opposition leader. O'Brien said, 'SIR is a huge issue for the Opposition.' Bihar deputy CM Vijay Kumar Sinha, who came to Parliament for work, reacted to the Opposition's protests over SIR. 'The SIR will ensure only genuine voters will cast their votes. Otherwise, they (Opposition) wants votes to be cast in the name of those who have died. The people of Bihar are happy. Only those who come from RJD and Congress cultures are facing problems. They are in panic and they have accepted defeat. So, they are looking for an excuse.'
Hindustan Times
12 minutes ago
- Hindustan Times
Committed to fair, balanced deal, says India after Trump announces 25% tariffs
India remains intensely engaged with the US to clinch the comprehensive bilateral trade agreement by autumn 2025 despite President Donald Trump's announcement of 25% tariffs plus penalties starting August 1, people aware of the matter said on Wednesday. Piyush Goyal, India's commerce and industry minister, during a Bloomberg Television interview in London, UK, on Thursday, July 24, 2025. (Bloomberg) In a brief statement, the commerce ministry said it had 'taken note' of Trump's statement and was studying its implications while reaffirming India's commitment to a 'fair, balanced and mutually beneficial' trade deal that protects farmers, entrepreneurs and small businesses. 'The government attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs,' the ministry said, adding that it 'will take all steps necessary to secure our national interest, as has been the case with other trade agreements including the latest Comprehensive Economic and Trade Agreement with the UK.' Indian officials and experts pushed back against Trump's characterisation of excessive trade barriers, arguing that his focus on goods trade deficit ignores the broader economic relationship where the US earns tens of billions more annually from services, education, and defence deals, and cited New Delhi's recent free trade agreements with developed economies such as Australia and the UK to demonstrate India's willingness to open up its market with protections for its vulnerable populations . People familiar with the negotiations said New Delhi expects Washington to follow Trump's announcement with a formal letter that would be analysed and responded to appropriately. The Indian negotiating team – which has held five rounds of in-person discussions with its American counterparts -- will in the meantime continue talks for a balanced deal, they added. One of the people aware of the matter pushed back against Trump's characterisation of India as maintaining excessive trade barriers, citing the recently signed free trade agreements with other developed economies including Australia and the United Kingdom where tariffs on most items were slashed. 'Hence, President Trump's generalisation that Indian tariffs are far too high, is not correct,' the person said. 'FTAs are win-win, and not one-sided.' The person highlighted Trump's focus on goods trade surplus while ignoring broader economic ties, saying: 'President Trump has said in a post on Truth Social – 'We have a massive trade deficit with India!!!' – which is just one side of the picture. Bilateral economic relationship is not only goods trade, it also includes trade in services, investments and other significant contributions to the US economy made by Indians.' According to government data, India had a $41.18 billion trade surplus with the US in 2024-25, exporting goods worth $86.51 billion and importing $45.33 billion of American merchandise. However, the people cited above argued this represented only a part of the bilateral relationship. The US gains significant revenue from financial, digital and e-commerce services, fees from students studying in America and defence deals, a second person explained. 'Such cooperation in services and contributions of Indians in American businesses have immense potential for further growth through BTA and other strategic cooperation, provided the US is not fixated with tariffs, and particularly with India's sensitive sectors, which are vital for the survival of millions of Indian subsistence farmers,' the person added. Ajay Srivastava, founder of Global Trade Research Initiative, said the US 'quietly rakes in $80-85 billion every year from India through education, digital services, financial operations, intellectual property royalties, and arms sales.' 'These massive earnings don't show up in the narrow goods trade statistics. When you factor them in, the US isn't running a deficit with India at all, it's sitting on a $35-40 billion surplus,' Srivastava added. The second person aware of the matter said India was negotiating a comprehensive bilateral trade agreement that included not just goods but 'other key sectors such as services, investments, non-tariff barriers, IPRs and customs facilitation.' 'We hope that a successful deal would help in balancing bilateral economic cooperation and prompt the Trump administration to remove reciprocal and punitive tariffs,' the person said. Industry leaders expressed concern about the tariff announcement's timing amid ongoing negotiations. Medical Technology Association of India chairman Pavan Choudary called Trump's move 'economically shortsighted and strategically misguided.' 'As a sovereign nation, India makes independent choices in defence and energy based on national interest and long-term strategic priorities. Attempting to punish these decisions through coercive trade measures is not only inappropriate but also counterproductive,' Choudary said. Agneshwar Sen, trade policy leader at EY India, warned the 25% tariff could directly affect key sectors including marine products, pharmaceuticals, textiles, leather and automobiles where bilateral trade had been 'especially robust.' However, Sen remained optimistic about ongoing negotiations, noting both countries were 'positively engaged' with the US team expected in India on August 24 for the sixth round of talks. 'I am confident that, considering our shared interests and history of cooperation, the two sides will be able to address these contentious issues constructively,' he said. Opposition slams Modi government Opposition parties criticised the government over the developments . Congress general secretary Jairam Ramesh said Prime Minister Modi should 'take inspiration from former prime minister Indira Gandhi and stand up to the president of the United States.' 'All that 'taarif' between him and 'Howdy Modi' has meant little,' Ramesh said, referring to Modi's 2019 rally with Trump in Houston. 'Mr Modi thought that if he kept quiet on the insults that the US President has hurled on India... India would get special treatment at the hands of President Trump. Clearly that has NOT happened.' Rashtriya Janata Dal MP Manoj Jha said his party was 'not very happy that it has happened under the rule of Prime Minister Modi,' while Communist Party of India MP P Sandosh Kumar described the tariffs as 'another insult to India.' DMK leader Tiruchi Siva demanded the prime minister answer questions about the tariffs in Parliament, saying lawmakers had 'not been taken into confidence.'
